UEM Q1 profit almost tripled, backed by a RM400mil land sale

Nadya Ngui

PETALING JAYA: UEM Land Holdings Bhd 1Q13 net earnings jumped 289% to RM211 million from RM54.1 million a year ago from the sale of its RM400.75 million land to Liberty Bridge Sdn Bhd. From
the land sale, its revenue rose 134% to RM711.4 million from RM303.7
million a year ago. Earnings per share were higher at 4.88 sen vs 1.25
sen a year ago.
“The group recorded higher revenue in the current
quarter as compared to the preceding year corresponding quarter due to
the completion of sale of its lands in Commercial North, Puteri Harbour.
“The group has on 14 December 2012 and 8 January 2013 entered into
separate Sale and Purchase Agreements with Liberty Bridge Sdn Bhd to
sell 43.638 acres of land for a total sales value of RM400.75 million,”
it said. Moving forward, the firm is optimistic on its 2013 prospects
given the progress of its current projects and its planned launches for
the year which has a total unbilled sales of RM3.55 billion. “Interests
by both local and foreign investors, particularly in our Nusajaya
developments remain strong. The group will launch several projects such
as CS1, a mixed development and D'Estuary, a residential development in
Puteri Harbour as well as new phases in East Ledang, Nusa Idaman and
Nusa Bayu this year. Apart from Johor, the group has plans to launch
MK22 in Mont'Kiara as well as the Bangi township this year,” it said.