Latest announcement from Sunway

[GoGoBoy]

The following is a Wonderland related extract from one of Suncity's (Sunway's) latest news clippings. Feel free to discuss. The full article can be found on their website at www.sunway.com.my 'Having disposed of 60ha of its Wonderland Sydney theme park in New South Wales, Australia, for A$52.5mil in February, it still has another 120ha of prime land available there. SunCity has a 60% stake in the property. “Depending on the value, we can either dispose of the remaining parcel to realise our Australian investment or go into a joint venture with the right partner to undertake development of the land,” he added. Wang said the group could look forward to reaping good return on investment (ROI) from its investment Down Under as the strong Australian dollar would translate into good foreign exchange gains. The group's Australia-based indirect unit, International Theme Park Pty Ltd, has announced that it would be closing the Wonderland Sydney theme park by the middle of this year at the latest. The decision to close the park was taken due to persistent losses incurred and difficult market conditions. It is also part of the group’s overall rationalisation exercise to exit from non-performing businesses. Analysts said SunCity's decision to cease operation of the theme park would save RM20mil a year for the company from losses and interest savings. The remaining land in Sydney was estimated to be worth A$40mil, they added.'

[GoGoBoy]

I would personally be very interested in finding out just how much Sunway has benefited from their Australian investment (Wonderland). I strongly believe that even if Wonderland was losing massive amounts of money each year (a claim which is hard to believe), Sunway has still made an overall profit from various land parcel sales. I would be very interested to see if anyone can challenge this point. One of the comments Sunway makes in the article above is "the group could look forward to reaping good return on investment (ROI) from its investment Down Under". I am not sure whether they are referring to their investment so far or their possible future investment in the re-development of the remaining land. From what I can find, Sunway has not actually released any official information on whether the company has overall made or lost money in Australia. I'm guessing they've made a nice profit unfortunately but I'd like to get the true facts

[zordmaker]

I would personally be very interested in finding out just how much Sunway has benefited from their Australian investment (Wonderland). I strongly believe that even if Wonderland was losing massive amounts of money each year (a claim which is hard to believe), Sunway has still made an overall profit from various land parcel sales. I would be very interested to see if anyone can challenge this point.   One of the comments Sunway makes in the article above is "the group could look forward to reaping good return on investment (ROI) from its investment Down Under". I am not sure whether they are referring to their investment so far or their possible future investment in the re-development of the remaining land. From what I can find, Sunway has not actually released any official information on whether the company has overall made or lost money in Australia. I'm guessing they've made a nice profit unfortunately but I'd like to get the true facts

Makes you kinda glad the Aussie dollar is on the dive again doesnt it.. ZordMaker