PETALING JAYA: Sunway Bhd posted a net profit of RM70.52 million in its second quarter ended June 30, 2021, compared with a net loss of RM20.38 million a year ago due to higher contributions from all business segments.
The overall improvement in the group’s financial performance in the current quarter was mainly due to the business units being able to adjust and adapt their business operational process to continue operating, albeit at a lower capacity, when the movement control order (MCO) was reinstated due to the resurgence of Covid-19 cases. This was unlike the previous corresponding quarter whereby most economic activities came to a standstill as businesses were unprepared for MCO 1.0 when it was implemented. However, the hospitality and leisure businesses under the property investment segment continued to be impacted by the consequences of the MCO.
Likewise, its revenue rose 74% to RM967.92 million from RM556.64 million in the previous year’s same quarter.
For the six months period, Sunway’s net profit tripled to RM128.97 million from RM42.02 million a year ago mainly due to higher profit contributions from most business segments except property development and property investment segments.
Revenue jumped 30% to RM1.98 billion against RM1.53 billion previously due to higher contributions from most business segments except property investment segment.
Sunway declared a first interim single tier cash dividend of 1 sen per share; and a preferential dividend of 5.25% per annum (based on the issue price of RM1) per irredeemable convertible preference share in respect of the financial period from Jan 1, 2021 to June 30, 2021.
To date, the group has managed to get 95% of its workforce fully vaccinated and is well positioned to capitalise on the anticipated strong recovery in the later part of this year. Barring any unforeseen circumstances, the group expects the financial performance of the second half of this year to be satisfactory.