PROPERTY NEWS: 3Q earnings at Sunsuria increased 17% as real estate sales accelerated

Key takeaway: For the third quarter that ended on June 30, 2022 (3QFY22), Sunsuria Bhd's net profit increased 17% to RM4.16 million from RM3.57 million a year earlier as sales momentum increased as economic activity returned to normal and international borders were reopened.

According to the group's stock exchange filing, earnings per share (EPS) increased to 0.46 sen for 3QFY22 from 0.40 sen the previous year.

The developer of real estate, which is 60 percent owned by entrepreneur Tan Sri Ter Leong Yap, reported that revenue nearly doubled to RM122.49 million in the third quarter of FY22 from RM62.21 million the previous quarter.

For the full nine months (9MFY22), revenue increased by 75% to RM302.33 million from RM173.10 million, while net profit increased marginally by 3.3% to RM14.48 million from RM14.01 million in the prior corresponding period.

According to the group, unbilled sales of RM889.3 million as of the end of June support its earnings visibility going forward.

On Friday, August 26, Sunsuria's share price remained unchanged at 35.5 sen, giving it a market capitalization of RM318.05 million.

© August 2022, EdgeProp.my