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UEM Sunrise profit doubles

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UEM Sunrise profit doubles Empty UEM Sunrise profit doubles

Post by Cals Tue 26 Nov 2013, 16:25

UEM Sunrise profit doubles
Business & Markets 2013
Written by theedgemalaysia.com   
Tuesday, 26 November 2013 10:27
KUALA LUMPUR: Property developer UEM Sunrise Bhd recorded an increase of 114% in net profit for the third quarter ended Sept 30, 2013 to RM182.77 million from RM85.33 million a year ago. 

Revenue rose 60% year-on-year to RM694.15 million from RM433.38 million. The company attributed its performance to the completion of land sales which contributed approximately RM222 million to revenue. 

“The land sales also carry a higher margin compared with property development,” the company said in its filing with Bursa Malaysia. 

UEM Sunrise’s net profit for the nine-month period of the year rose 102.8% to RM501.19 million from RM247.08 million the previous year. 

Revenue for the nine months rose 51.8% to RM1.89 billion from RM1.25 billion in the previous corresponding year.  The company, in its announcement to Bursa, said that the higher profit was in line with higher revenue recorded. 

With regard to its prospects for the current financial year, the group is mindful of the recent cooling measures introduced to curb speculation in the property market. 

“The group will take these factors into account in formulating its marketing strategies ahead,” the note said. 


This article first appeared in The Edge Financial Daily, on November 26, 2013.
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