UEM SUNRISE H1 PROFIT SURGES TO RM239.1M

KUALA LUMPUR: UEM Sunrise Bhd posted a net profit of RM239.1 million for the six months ended June 30, a surge from RM13.5 million in the same period a year ago, driven by ongoing development profits, contribution from asset divestment and cost savings.

Revenue increased to RM861.1 million in the first half, an increase of 21 per cent, compared with RM711.2 million in the same period last year.

Property development activities contributed to half of the total revenue in the first half, with Almas at Puteri Harbour being the largest contributor, followed by Residensi Sefina in Mont’Kiara and Estuari Gardens, also in Puteri Harbour.

The property development sales for the period were RM663.8 million, 69 per cent higher than those of last year, where 45 per cent was contributed by projects in the central region, mainly from Residensi Solaris Parq, Kondominium Kiara Kasih and Symphony Hills.

The southern region contributed 27 per cent, largely from Serimbun, Estuari Gardens and Denai Nusantara, while international sales were mostly from Mayfair project in Melbourne, Australia.

The sale of completed properties, including Estuari Gardens, which is to be completed in the third quarter, accounted for 26 per cent of total sales. The unbilled sales stood at RM4.9 billion as at end-June.

Revenue from asset divestment registered a contribution of 44 per cent, largely from the land disposal in Iskandar Puteri.

UEM Sunrise managing director and chief executive officer Anwar Syahrin Abdul Ajib said the company was on track to meet the RM1.2 billion sales target.

“Twenty-two per cent contribution is from this year’s launches, 52 per cent from ongoing projects while the remaining is from our completed properties, such as Symphony Hills in Cyberjaya.

“We are committed to launching RM1 billion worth of properties this year,” he said in a statement.