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Categories
| Sunrise sees higher property sales in FY10 |
| Business & Market 2009 | |||
| Written by Chong Jin Hun | |||
| Tuesday, 03 November 2009 11:44 | |||
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Th e company had closed RM344 million worth of real estate deals in the last fi nancial year (FY) ended June 30, 2009. For the fi rst four months of FY10 from July to October 2009, Sunrise had eff ectively achieved RM243 million worth of property bookings, of which RM159 million has been fi nalised via sale and purchase agreements (SPAs), while the remaining RM84 million is still pending the signing of SPAs. Sunrise yesterday announced a 23.6% rise in net profi t to RM37.27 million in the fi rst quarter ended Sept 30, 2009 from RM30.16 million a year earlier, though revenue fell 4% to RM190.26 million from RM198.21 million. Earnings per share rose to 7.52 sen from 6.37 sen. Th e quarterly results were helped by its ongoing commercial project Solaris@Dutamas and residential jobs such as the 10 Mont’Kiara and 11 Mont’Kiara, besides The Residence. Sunrise chalked up RM147 million worth of SPA-signed sales. Th e company said sentiment for properties was boosted by the global economic recovery, low interest rates and the global stock market rally. “I would suspect we can (beat our FY09 property sales). I think the next two products that come will be quite well accepted. We will continue to widen product mix and market reach, and build and price what the market demands,” Tong said at a joint analyst and media briefi ng here yesterday. Sunrise is planning to launch at least two projects in the Klang Valley during FY10 and add to its unbilled property sales of some RM863.69 million as at Oct 27, 2009. The company also hopes to reduce its debt. Th e projects include the “28 @ Mont’Kiara” (MK28) high-rise residential project in Jalan Kiara, within the upmarket enclave of Mont’Kiara. Th e launch of MK28, which comprises 460 condominium units, is scheduled for December. Also in the pipeline are two office towers of about 30 storeys each near the Renaissance Kuala Lumpur Hotel, Jalan Sultan Ismail. Th e office towers, which are intended for sale, have a net saleable area of about 550,000 sq ft and completion is expected within four years. “(Th ere have been) no new launches in Mont’Kiara over the past year, allowing for supply to be taken up and units tenanted,” Tong said. Meanwhile, Tong said Sunrise’s existing unbilled sales, derived mainly from higher-margin projects, would support the developer’s earnings till 2011. He said the challenge for the real estate fi rm, going forward, would be to manage cost and ensure on-time delivery of properties to buyers. Unbilled real estate sales refer to the value of properties sold but have yet to be recognised in the company’s books. Sunrise shareholders had during the company’s AGM last Th ursday approved the fi rm’s proposal to pay a fi rst and fi nal dividend of three sen a share less tax for FY09, which will be paid on Dec 10, 2009. For FY08, a share dividend in the form of distribution of treasury shares at the ratio of one treasury share for every 25 ordinary shares held was paid to shareholders. Also at the most recent AGM, Sunrise shareholders voted favourably on the company’s “Say on Pay” proposal. Sunrise said the proposal, a fi rst for corporate Malaysia, underscored its commitment to corporate governance and shareholder accountability. This article appeared in The Edge Financial Daily, November 3, 2009.
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