UEM Sunrise’s 2018 earnings jump 165.4pc

KUALA LUMPUR: UEM Sunrise Bhd has posted positive earnings for the year ended December 31, 2018 and will proceed to launch RM1.2 billion worth of property projects this year.

Managing director and chief executive officer Anwar Syahrin Abdul Ajib said in a statement yesterday it would focus on midmarket and reasonably-sized launches in mature locations.

“The company takes cognisance of the soft property market and remains pragmatic this year. The sales target this year remains at RM1.2 billion.”

UEM Sunrise returned to the black in the fourth quarter with a net profit of RM20.08 million against a loss of RM50.95 million previously.

Revenue for the quarter jumped to RM752.79 million from RM303.29 million previously.

Its unbilled sales remain healthy at RM4.4 billion up to the end of last year.

For the full-year, net profit jumped 165.53 per cent to RM280.33 million from RM105.57 million in 2017.

Total revenue for the year increased to RM2.044 billion from RM1.86 billion previously, driven by the recognition of ongoing local developments, completion and partial settlement of projects in Australia, namely Conservatory and Aurora Melbourne Central, as well as divestment of nonstrategic assets.

According to UEM Sunrise’s Bursa Malaysia filing, the largest earnings contributor was Conservatory, followed by Aurora Melbourne Central and Almas in Puteri Harbour in Iskandar Puteri, Johor.

Property sales stood at RM1.43 billion last year, which exceeded its RM1.2 billion target.