UEM Sunrise shares up on improved Q3 earnings

PETALING JAYA: UEM Sunrise Bhd’s shares rose 0.94% this morning on news of its net profit doubling in the third quarter ended Sept 30, 2017.
At 10.58am, its share price rose 0.94% or 1 sen to RM1.07 with a total of 3.34 million shares traded. The stock gained 1 sen or 0.96% to close at RM1.06 yesterday on some 996,300 shares done.
During the quarter, its net profit more than doubled to RM86.6 million from RM36.33 million a year ago, underpinned by strong construction progress from its international and local projects, inventory monetisation initiatives and a gain from the disposal of its land in Richmond, Canada.
Its revenue rose 69.9% from RM421.25 million to RM715.77 million. The property developer told Bursa Malaysia that it is on track to meet its sales target of RM1.2 billion for the current financial year in view of commendable bookings received.