United Malayan Land Bhd post net profit of RM4.16mln

KUALA LUMPUR: United Malayan Land Bhd posted revenue and net profit of RM63.8 million and RM4.16 million respectively for its second quarter (2Q) ended June 30, 2010.

Comparatively, the company posted revenue and net profit of RM49 million and RM6.28 million respectively in the previous year’s corresponding quarter.

The company said on Tuesday, Aug 25 that the decrease in profit against the immediate preceding quarter is mainly due to lower sales contribution from Niche Division.

It expects the strong economic performance in the first half of 2010 is expected to continue in the second half of the year. However, the company cautioned that demand may be affected by an increase in the end financing interest rate following the increase of overnight policy rate from 2.00% to 2.75% during the period up to July 2010.

More product launches in its township division are being planned, and is expected to perform better than last year. However, revenue from strategic land sales will not be significant, it said.

It expects contribution from its niche division in this financial year to come from Suasana Bangsar, which is scheduled to be completed this year.

Going forward, the company plans to launch Suasana Bukit Ceylon, a high-end condominium project along Jalan Raja Chulan in the heart of Kuala Lumpur in the later part of 2010.