PETALING JAYA: Sunway Bhd recorded a net loss of RM6.7 million for the second quarter ended June 30, from a net profit of RM246.5 million a year before on lower contributions from most business segments, as the group’s operations were suspended except for healthcare and retailers offering essential products and services during the movement control order (MCO) period.
Revenue was lower at RM556.6 million, from RM1.08 billion previously.
For the six month period, the group’s net profit stood at RM71.58 million on a revenue of RM1.53 billion, from RM382.9 million and RM2.2 billion respectively in the previous corresponding period.
In its Bursa filing, Sunway said the development profits on one of its Singapore and China property development projects, which was deferred due to the adoption of MFRS 15, will be recognised upon completion and handover of the projects in the second half of 2020.
“The group’s performance was undoubtedly affected by the pandemic and the MCO but the full financial impact was mitigated by several cost saving measures adopted to reduce the group’s operating overheads.
“The recently announced proposed rights issue of irredeemable convertible preference shares, will further strengthen the group’s capital base when it is completed by early October 2020. The abovementioned action plans will enable the group to become more efficient and resilient to face the challenges ahead,” it said.
The group expects its performance for the second half of the year to be better than the first half.
source https://www.thesundaily.my/business/mco-takes-toll-on-sunway-s-quarterly-performance-AD3647561
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