SUNRISE ... Dec09

SUNRISE's Net Profit rose 24% to RM37.3m from RM30.2m a year ago as earnings were sustained by progress billings for its ongoing developments.

The Company said Nov 2, 2009 that PBT rose 17% to RM50.2m from RM42.8m while Revenue was RM190.3m compared with RM198.2m a year ago. EPS was 7.52 sen versus 6.37 sen a year earlier.

SUSTAINED PROGRESS BILLINGS
" .... The Company's earnings continue to be sustained by progress billings for our ongoing developments, namely 10 Mont'Kiara, 11 Mont'Kiara and Solaris Dutamas, as well as sales of 11 Mont'Kiara and the completed Mont'Kiara Residence bungalows. The YoY growth in profitability was also driven by lower operating costs ...." according to its EXCHANGE filing.

PROPERTY SENTIMENT BOOSTED BY GLOBAL RECOVERY
SUNRISE said the strong sales momentum continued into the quarter, with the Company chalking up RM147m in sale-and-purchase-agreement-signed sales.

As for sentiment for property, the Company said it was boosted by the global economic recovery, low interest rates and the global stock market rally.

Providing an update on its projects, SUNRISE said construction of ongoing projects was progressing well. Solaris Dutamas and 10 Mont'Kiara are due for completion in the current financial year and 11 Mont'Kiara in 2011.

It said Solaris Dutamas, its first integrated commercial-residential development, would transform the Dutamas area into an engaging and lively hub.

SUNRISE added the development, targeted for completion in stages up to mid-2010, would house an exciting differentiated retail offering which will open in end-2010.

UNBILLED SALES OF RM870M
" .... Going forward, the Company has substantial Unbilled Sales of RM870m as at Sep 2009, which will sustain earnings in the current and following financial year ...." said the Company.

SUNRISE plans to launch several new residential and commercial projects in the near future in order to sustain longer-term profits.

FIRST & FINAL DIVIDEND
The Company declared a First and Final Dividend of three sen per share for FYE Jun 2009 which was approved by shareholders at the Company's AGM on Oct 29, 2009 and would be paid on Dec 10, 2009.