PETALING JAYA: Property developer Sunsuria Bhd posted a revenue and net profit of RM74.11mil and RM2.72mil respectively for its second quarter ended March 31, 2022.

       On a year-on-year basis, the company’s revenue was up 18% from the RM62.95mil recorded in the corresponding quarter a year earlier.

       Year-to-date March 31, 2022, Sunsuria’s revenue was higher at RM179.84mil compared with the RM110.89mil achieved in the corresponding period last year.

       Sunsuria attributed the higher year-to-date revenue to the completion of Monet Springtime, sales of Monet Garden, as well as work progress of Verdura Tower D and Tower E of Bangsar Hill Park at Lorong Maarof in Bangsar.

       “Ongoing projects such as Tangerine Suites at Sunsuria City and Sunsuria Forum (phase two) at 7th Avenue at Setia Alam also contributed to revenue in the second quarter,” the company said in a statement.

       Meanwhile, Sunsuria made a net profit of RM2.72mil in the second quarter, as opposed to RM5.12mil in the previous corresponding period.

       “The difference in net profit was due to higher sales and marketing expenses and an increase in general overheads during the same period,” it said.

       Additionally, the company said its second-quarter revenue of RM74.11mil was comparable to the RM106.03mil of the preceding quarter.

       “The difference in revenue quarter-on-quarter was due to the completion of Monet Springtime in Sunsuria City and higher sales of Monet Garden in the first quarter of 2022.

       “In the previous quarter, Sunsuria achieved a net profit of RM7.6mil,” said the company.

       In the same statement, Sunsuria executive chairman Tan Sri Datuk Ter Leong Yap said Malaysia’s transition towards the reopening of international borders was encouraging, adding that the company looked forward to the gradual recovery in domestic economic growth this year.

       ‘However, in light of global supply chain disruptions and rising input costs, we continue to be vigilant and will actively pursue measures to mitigate the impact of such challenges.

       “With the group’s recent addition of land in Ijok and Banting to our existing land bank, we are ready to capitalise on new opportunities for future developments and diversification within the property development industry,” he said.

       In April, Sunsuria, through its wholly owned subsidiary, Sunsuria Residence Sdn Bhd, entered into a sale and purchase agreement with Superjet Revenue Sdn Bhd to acquire the 60.81-acre parcel of land in Ijok, Selangor for RM74.17mil.

       In January, Sunsuria acquired two parcels of land in Banting, Selangor, spanning a total of 123.03 acres, for RM53.59mil.