UEM Sunrise net profit soars over six fold on Aus divestment

24 Feb 2020 / 15:29 H.

PETALING JAYA: UEM Sunrise Bhd posted a net profit of RM126.25 million in its fourth quarter ended Dec 31, 2020 a 6.4 fold improvement over RM19.75 million reported in the same quarter of the previous year, attributed to the gain from its disposal of its St Kilda Road property in Melbourne, Australia.

Revenue for the period rose by 54.4% to RM1.16 billion, against RM752.79 million reported previously, also from the disposal gain seen from the St Kilda site as well as higher settlement of Aurora Melbourne Central.

For the full financial year, the group posted a net profit of RM223.8 million, a 20% decline from RM280 million reported in the previous financial year.

Meanwhile, revenue for the period improved by 42.3% to RM2.91 billion from RM2.04 billion reported previously.

In 2019, the group launched RM1.2 billion worth of projects, all landed mid-market except for high-rise Residensi AVA in Kiara Bay, Kuala Lumpur.

Sales for the year came in at RM1.13 billion, including the sale of five industrial plots in the Southern Industrial Logistics Cluster in Iskandar Puteri.

For FY20, the group has targeted a total sales of RM2 billion, which includes the disposal of industrial plots in Southern Industrial Logistics Cluster.

“In view of the balance contribution from the Australian projects coupled with the divestment of non-strategic lands and assets, new project launches and sales target to be achieved, the group is on track to weather the challenging property market environment in the year ahead,” it said.

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