Sunsuria 2Q net profit plunges 90% in the absence of Jasper contribution

KUALA LUMPUR (May 22): Sunsuria Bhd’s second quarter net profit slumped 90.15% to RM9.02 million, from RM91.58 million a year earlier, as revenue shrunk with the completion of the group’s Jasper Square commercial development at Sunsuria City, Sepang.

Earnings per share (EPS) for the quarter ended March 31, 2020 (2QFY20) dropped to 1.01 sen from 11.46 sen previously, according to the group’s exchange filing today.

Quarterly revenue plunged 72.66% to RM68.08 million, from RM249.01 million in 2QFY19, it added.

Sunsuria said the top line and bottom line in 2QFY19 was higher, due to contributions from Jasper Square.

“In that reporting quarter, revenue and profit before taxation of RM149.36m and RM95.47m respectively from the Jasper Square, which was previously recognised on a progressive basis, was restated to be recognised in the quarter when the project was completed due to the adoption of MFRS 15,” it explained.

Sunsuria said net profit for the cumulative six months ended March 31, 2020 fell 82.25% lower to RM18.15 million, from RM102.25 million in the previous corresponding period.

The six-month EPS came in 2.03 sen, from 12.80 sen previously.

Half-year revenue declined by 65.24% to RM115.58 million, from RM331.96 million last year.

Shares of Sunsuria finished one sen or 2.2% higher at 44.5 sen, giving the group a market capitalisation of RM389.68 million.