UEM Sunrise's Q1 net profit soars 20-fold

PETALING JAYA: UEM Sunrise Bhd’s net profit for the first quarter ended March 31, 2017 rose 20-fold to RM61.27 million from RM3.02 million a year ago, thanks to strong contribution from the property development segment and the sale of a piece of land in Iskandar Puteri.
Its revenue doubled to RM541.76 million from RM257.75 million in the previous year’s corresponding quarter.
Commenting on the results, managing director/CEO Anwar Syahrin Abdul Ajib said its performance in the first quarter of this year exceeded the performances of the first quarters in 2016, 2015 and 2014 in view of strong progressive billings.
“We expect 2017 to be another challenging year. However, we feel that genuine buyers continue to be on the lookout for affordable and mid-market residences at attractive price points.”
Among the mid-market products it plans to launch in 2017 is another phase of Serene Heights Bangi, Phase 1B1 otherwise known as Dahlia, comprising 170 units of double-storey terrace homes towards the end of this month and a new development called Serimbun, near Bukit Indah in Iskandar Puteri, a total of 219 units of double-storey terrace homes tentatively in the fourth quarter of 2017.
It also targets to launch a mixed project known as Solaris Parq Residences in Solaris Dutamas, Kuala Lumpur, in the second half of 2017.
“We are currently exploring several opportunities to increase our landbank in the central region. We are hopeful of securing at least one of these sites in this financial year and will make the relevant announcements in due course,” said Anwar Syahrin.
On the international front, UEM Sunrise is working to ensure that the completions of Aurora Melbourne Central and Conservatory are in accordance with its targeted timeline as these two projects are the key contributors over the next two years.
Meanwhile, UEM Sunrise has appointed Tan Sri Zamzamzairani Mohd Isa as its new chairman effective today after the conclusion of the AGM. This follows the retirement of Tan Sri Dr Ahmad Tajuddin Ali who assumed the post in September 2008. Zamzamzairani was Telekom Malaysia Bhd group CEO and managing director in April 2008 until his retirement from the telco on April 30, 2017.