Within expectations. Sunrise’s FY10 net profit of RM134m came in within our and consensus estimates. FY10 turnover fell 26.5%, mainly due to the completion of Meridin as well as substantial recognition of MK 10 and Solaris Dutamas in FY09. Future revenue will be supported by billings from MK11, Dutamas and MK 28. As for the bottom-line, excluding the one-off gain on disposal of office space in Plaza MK and an Australian asset amounted to RM19.4m recognised in FY09, FY10 core net profit dropped slightly by 2%. EBIT margin was higher, due to better product mix of higher-end properties, such as Residence and MK 11. A 5 sen final dividend was declared,
representing a yield of 2.4%.
Sunrise Berhad : Getting More Aggressive-27/08/2010
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