UEM Land 2Q profit jumps 583% to RM40.3m

KUALA LUMPUR: UEM Land Holdings Bhd's net profit for the second quarter ended June 30, 2010, (2Q10) jumped an impressive 583% to RM40.34 million from RM5.90 million a year ago, in line with higher revenue and gain of RM25.6 million on the disposal of an associate, Touch 'N Go Sdn Bhd to PLUS Expressway Bhd.

Its revenue for the quarter rose 28.1% to RM88 million from RM68.68 million previously due to higher revenue from sales of industrial land in Southern Industrial Logistics Clusters, developed land sales in Puteri Harbour and higher sales of development properties in Nusa Idaman.

Earnings per share was 1.23 sen in 1Q10 versus 0.21 sen in the same quarter last year, while net assets per share was 70 sen.

For the six months ended June 30, 2010 (1H10), UEM Land net profit was RM43.48 million versus RM8.53 million a year ago, on the back of a revenue of RM127.7 million.

On its prospect for the current financial year, UEM Land said it was confident that the property market would continue its recovery in line with the encouraging Gross Domestic Product (GDP) growth achieved by the country for the first half of 2010.

"The property market in Johor generally, and Iskandar Malaysia specifically is expected to further benefit from the recent increase in interest from Singapore,'' it said in a filing to Bursa Malaysia Securities on Friday, Aug 27.

The group said it would continue to launch new residential projects in Nusajaya as well as launch new phases of its existing residential projects in Nusajaya and Cyberjaya in the coming months.

"The group will continue to evaluate opportunities to acquire strategic land parcels outside Nusajaya to further expand and grow our business to create sustainable return on investment for our shareholders," it said.
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