44 minutes
PETALING JAYA: UEM Sunrise Bhd reported a 28% growth in net profit to RM28 million for the third quarter ended September 30, 2019 versus RM21.17 million in the same period a year ago, largely due to projects’ development savings and higher margin from land disposal in Iskandar Puteri.
Its revenue, however, contracted 23.8% to RM327.61 million from RM430.1 million, attributed to lower settlement of its international projects, Aurora Melbourne Central and Conservatory.
UEM Sunrise’s nine-month net profit slumped 62.5% to RM97.56 million from RM260.25 million, with revenue rising 35.3% to RM1.75 billion from RM1.29 billion.
As at September 30, 2019, the group’s unbilled sales stood at RM2.4 billion while property development sales for the current period was RM720 million.
UEM Sunrise managing director and CEO Anwar Syahrin Abdul Ajib said the group has launched RM1 billion worth of properties to-date, with the latest being Residensi AVA, Kiara Bay Kuala Lumpur.
“Other developments launched are mainly mid-market landed residences both in central and southern regions.”
The group said it takes cognisance of the soft property market in the year ahead and will exercise prudence in facing the challenging environment.
“We continue to consolidate margins through smart spending and project cost savings in addition to its strategy to divest off non-strategic assets.”
At the noon break, the stock was unchanged at 74 sen on 524,500 shares done.
