File picture of the Sunway Putra Mall. — Picture courtesy of Sunway MallsKUALA LUMPUR, March 31 — Sunway Bhd’s net profit slipped to RM359.6 million for the financial year ended December 31, 2020 from RM709.2 million in FY19.
In a filing with Bursa Malaysia today, Sunway said the property development segment saw revenue dropping by 9.3 per cent to RM495 million amid lower sales and progress billings from development projects.It said the movement control order adversely impacted the group’s hospitality and leisure businesses, as well as its associate Sunway Real Estate Investment Trust.
Meanwhile, the trading and manufacturing segment saw revenue narrowing 15.4 per cent to RM812.1 million as a result of lower sales. As for the fourth quarter, the company’s net profit rose to RM193.1 million from RM183.5 million in the same quarter a year ago.Going forward, Sunway expects the pandemic to continue to impact its financial performance in the first half of 2021, especially its leisure and hospitality businesses in the first quarter due to the high infection rate.