UEM Land's 1Q 2010 net profit up 19.4%

KUALA LUMPUR: UEM Land Holdings Bhd (UEM Land) saw its net profit increase 19.4% for the first quarter of 2010 ended March 31, 2010 to RM3.142 million from RM2.631 million in the corresponding quarter a year ago. However, revenue collected in the quarter under review dropped by 30% to RM39.699 million from RM56.511 million in the first quarter last year.

The Group announced on Bursa Malaysia on Tuesday May 25, that the lower revenue was due to the significantly lower contribution from Kota Iskandar Phase 1 in Johor following the completion of the project in the preceding year.

This was partially offset by higher development land sales for Southern Industrial & Logistics Clusters and higher sales of development properties in Johor, such as, East Ledang and Nusa Idaman in the current quarter.

UEM Land aims to capitalise on the positive market sentiment by launching new residential projects in Nusajaya and Cyberjaya, as well as new phases of existing residential projects in the coming months.