KUALA LUMPUR, Aug 24 — Sunway Bhd’s net profit more than doubled to RM168.88 million in the second quarter ended June 30, 2022 from RM70.52 million a year earlier, supported by stronger operating contributions from most business segments.
“Due to the adoption of the Malaysian Financial Reporting Standard 15, the development profit from two of the group’s ongoing Singapore property development projects will only be recognised upon completion and handover of the projects,” it explained. Another segment that performed well was healthcare, which recorded a 68 per cent rise in PBT to RM44.71 million.
Sunway group chief financial officer Chong Chang Choong said the group’s financial performance continued to strengthen further in the quarter under review, underpinned by the steady recovery of domestic demand as economic activity continued to normalise following the reopening of the economy and international borders.