KUALA LUMPUR (Aug 28): UEM Sunrise Bhd posted a second quarter net profit of RM213.79 million from a net loss of RM9.84 million a year earlier, on contribution from land sales, projects' development cost savings and lower operating expenses.
Property developer UEM Sunrise said in a filing with Bursa Malaysia today that revenue climbed to RM573.35 million in the second quarter ended June 30, 2018 (2QFY18), from RM290.91 million.
"The group recorded higher revenue, mainly due to recognition of land sales, the good construction progress from Almas, Melia, Sefina and Estuari projects, as well as the sales of its completed units, driven by its inventory monetisation campaign.
"These revenue contributions cushioned the impact of the group's project development cycle for Solaris Parq, Serimbun and Kiara Kasih which are still at the early stages, and the completion of Teega, Arcoris and Residensi 22," UEM Sunrise said.
For 1HFY18, UEM Sunrise said net profit jumped to RM239.08 million from RM13.47 million a year earlier, while revenue increased to RM861.09 million from RM711.24 million.
On prospects for the current financial year, UEM Sunrise said: "The group remains prudent in its sales and GDV (gross development value) targets of RM1.2 billion and RM1.0 billion respectively. As at end June 2018, the group secured sales of RM663.8 million and is on track to achieve its sales target. Its unbilled sales remain healthy at RM4.9 billion." — theedgemarkets.com