UEM Land posts 12.7% increase in revenue for 4Q2009

KUALA LUMPUR: UEM Land Holdings Bhd recorded a 12.7% q-o-q increase in revenue for 4Q2009 to RM205.1 million, compared with RM181.98 million for 4Q2008. Its revenue for FYE2009, however, posted a decrease by 21% to RM403.1 million.

In its statement to Bursa Malaysia on Feb 22, the group said the higher revenue and profit before income tax in 4Q2009 compared with 4Q2008 was due to higher strategic land sales, which is came mainly from the Panoramic Option Agreement. The latter is a development and an option to purchase agreement dated May 31, 2004, between Bandar Nusajaya Development Bhd (BND) and Panoramic Industrial Development Sdn Bhd, a wholly owned subsidiary of Crescendo Corp Bhd, for the proposed development of an industrial park on eight parcels of land measuring 341.88 acres in Nusajaya.

Based on improved market sentiments in 4Q2009, the Group expects the property market to recover in 2010. “Should the widely anticipated economic recovery take place, the Group will be well placed to capture the opportunities presented. Additionally, the Group will continue to evaluate opportunities to acquire strategic land parcels outside Nusajaya to further expand and grow our business to create sustainable returns for our shareholders,” it said.