KUALA LUMPUR: SUNRISE BHD [] posted net profit of RM36.72 million in the first quarter ended Sept 30, 2010 and was upbeat about the prospects for the current financial year due to its substantial unrecognised revenue of RM863.8 million as at Sept 30.

Announcing its results on Wednesday, Nov 3, it rewarded shareholders with an interim dividend of 26.67 sen a share less 25% taxation amounting to net dividend of about RM99.09 million or 20 sen per share.

Sunrise said the dividend was for the financial year ending June 30, 2011 and payable on Dec 16 to shareholders whose names appear in the Record of Depositors on Nov 22.

Elaborating on the first quarter results, it said turnover was RM171.3 million and pre-tax profit of RM52.2 million for the quarter ended Sept 30, compared to a turnover of RM190.3 million and pre-tax profit of RM50.2 million a year ago. Its earnings per share were 7.41 sen.

"Despite lower turnover, higher pre-tax profits were achieved on the back of higher margins and lower operating costs for the quarter under review," it said.

Sunrise said the main contributors to the group's financial performance for the quarter were its ongoing residential and commercial developments, namely 11 Mont'Kiara, 28 Mont'Kiara and Solaris Dutamas.

It said CONSTRUCTION [] progress of these projects were on schedule with Solaris Dutamas and 11 Mont'Kiara due for completion this financial year.

On its outlook, it said the board was confident of the company's prospects in the current financial year given its substantial unrecognised revenue of RM863.8 million as at Sept 30.

"The profits from these projects will be recognised over the current and subsequent financial years. The group is planning to launch new residential and commercial projects in the near future in order to sustain longer term profits," it said.

On Sept 28, the group launched Phase 1 of its Canadian residential project in Richmond, Vancouver called Quintet.

The project has a gross development value of C$125 million and comprises of 276 units of apartments and 16 units of townhouses. These units have been substantially sold to-date, it said.