Sunway Q1 profit 14% up
In a filing with Bursa Malaysia yesterday, the property developer said profit before tax would have been higher by 36.2% compared with the previous corresponding quarter, if not for the adoption of MFRS 15 on one of the group’s Singapore and China property development projects
PETALING JAYA: Sunway Bhd 
’s net profit for its first quarter ended March 31, 2019 rose 14% to RM136.41mil from RM119.89mil in the previous corresponding period, mainly due to higher contributions from most business segments except trading and manufacturing and quarry.
In a filing with Bursa Malaysia yesterday, the property developer said profit before tax would have been higher by 36.2% compared with the previous corresponding quarter, if not for the adoption of MFRS 15 on one of the group’s Singapore and China property development projects.
Under MFRS 15, development profits can only be recognised upon completion. “The progressive profits from these projects which amounted to RM39.5mil for the current quarter have to be deferred accordingly,” said Sunway.Meanwhile, revenue in the first quarter was lower at RM1.12bil from RM1.28bil a year earlier.
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