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UEM Land sees 108% increase 3Q net profit to RM15.7m

KUALA LUMPUR: UEM Land recorded a 108% increase in net profit to RM15.688 million from RM7.54 million a year ago in its third quarter (3Q) financial statements ended Sept 30, 2010, the group announced on Monday, Nov 29.

Revenue earned during the same period dropped by 10% to RM65.68 million from RM72.79 million a year ago.

The group attributed the lower revenue results due to lower revenue from sales of industrial land in Southern Industrial and Logistics Clusters ("SiLC"), and lower sales of development properties in East Ledang. As for the increase in profits the group attributed it to higher share of results of associates and joint ventures.

The basic earnings per share for the current quarter under review rose to 0.43 sen from 0.26 sen a year ago. The net assets per share rose to RM0.70 from RM0.63 as at the preceding financial year end.

UEM Land via its subsidiaries is engaged in property development and construction activities.
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