Highlight UEM Sunrise 3Q profit soars 114% yoy to RM183m

by **Cals** Tue 26 Nov 2013, 05:09

Highlight UEM Sunrise 3Q profit soars 114% yoy to RM183m

Business & Markets 2013

Written by Jeffrey Tan of theedgemalaysia.com

Monday, 25 November 2013 19:03

KUALA LUMPUR (Nov 25): UEM Sunrise Bhd’s net profit soared 114% year-on-year (y-o-y) to RM183 million in the third quarter ended Sept 30, 2013, from RM85 million a year ago.

Revenue also jumped 60% y-o-y to RM694 million from RM433 million.

In a filing to Bursa Malaysia, the property developer said for the nine-month period profit stood at RM501 million compared to RM247 million a year earlier, while revenue collected was RM1.895 billion versus RM1.248 billion in the previous corresponding period.

UEM Sunrise said the higher profit for the quarter and nine-month period was in line with higher revenue recorded.

It said the group recorded higher revenue in the first and third quarters following the completion of Puteri Harbour land sale.

The property developer said excluding the land sales contribution, property development revenue contribution is similar with previous corresponding period’s contribution.

UEM Sunrise added that sales generated from property development for the period was RM2.13 billion of which RM1.56 billion was contributed from its sales in Nusajaya, Johor.

The projects contributing to these sales include Teega, Arcoris, East Ladang, Nusa Idaman, Nusa Bayu and Symphony Hills, it said.

The on-going projects’ constructions are progressing on schedule and have total unrecognised revenue of RM3.33 billion as at Sept 30, 2013, it added further.

“Looking ahead, the group is mindful of the recent cooling measures introduced to curb speculation in the property market,” said UEM Sunrise.

“Whilst these measures have created some challenges in the market, the fundamentals for the Malaysian property market remain intact.”

UEM Sunrise said the group would take these factors into account in formulating its marketing strategies ahead.