Within expectation. Excluding one-off depreciation charge of RM5.8m due to asset reclassification, RM10.5m one-off upfront fee for banking facilities, RM356.3m net revaluation gain in 6QFY12/09 (Sunway Pyramid Shopping Mall – RM265.4m; Sunway Carnival Mall – RM43.9m; others – RM47m) and RM130.8m net revaluation gain in FY08, the company reported 18MFY12/09 normalised net profit of RM223.2m (+2.4% yoy). This was in line with our expectation, accounted for 101.8% of our 18-month projection (due to the change in FYE from June to Dec). However, it beat consensus estimates by 22.6%. The company has proposed a 5 sen final gross dividend for the quarter, bringing FY09 total gross dividend to 13 sen (or 3.9% yield), This beats our previous dividend forecast of 10 sen by 30%.
Sunway City Berhad : Targets RM1bn Sales For FY10-01/03/2010
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