Commenting on the financial results, UEM Sunrise managing director and CEO Anwar Syahrin Abdul Ajib said the company’s performance for the quarter had exceeded the performance of the first quarters of 2016, 2015 and 2014, in view of strong progressive billings.
PETALING JAYA: UEM Sunrise Bhd’s net profit for the first quarter ended March 31 increased significantly to RM61.3mil compared to RM3mil in the previous corresponding period as a result of higher property development revenue and the revision of the estimated cost for completed projects.
Revenue jumped 110% to RM541.8mil from RM257.75mil for the period.
According to the company’s statement, projects in the central region contributed the most with 41% of the property development revenue, mainly from Residensi22 in Mont Kiara, followed by 35% from the southern region largely backed by Teega in Puteri Harbour.
The remaining 23% was contributed by Aurora Melbourne Central and Conservatory, both in Melbourne in Australia.
Unrecognised revenue as at March 31, 2017 stood at RM3.7bil compared to RM4.7bil as at March 31, 2016.
Commenting on the financial results, UEM Sunrise managing director and CEO Anwar Syahrin Abdul Ajib said the company’s performance for the quarter had exceeded the performance of the first quarters of 2016, 2015 and 2014, in view of strong progressive billings.
“We expect 2017 to be another challenging year. However, we feel that genuine buyers continue to be on the lookout for affordable and mid-market residences at attractive price points.
“Among mid-market products we plan to launch in 2017 are another phase of Serene Heights Bangi, Phase 1B1, otherwise known as Dahlia, comprising 170 units of double-storey terrace homes towards the end of this month with a starting gross price of RM585,800 per unit, and a new development called Serimbun near Bukit Indah in Iskandar Puteri, a total of 219 units of double-storey terrace homes tentatively in the fourth quarter of 2017,” he said in a statement yesterday.
UEM Sunrise also targets to launch a mixed-use development project known as Solaris Parq Residences in Solaris Dutamas in the second half of the year.
In February 2017, the company disposed 4.1 acres of land in the Southern Industrial and Logistics Clusters Phase 3 to Hong Kong-based Crown Worldwide Group for RM16.3mil, while in March 2017, it disposed 7.5 acres of pocket land in Iskandar Puteri to a Johor-based company for RM14mil.
UEM Sunrise has also decided not to pursue the development of its land in Alderbridge in Richmond, Canada and consolidate its efforts and focus on developments in Malaysia and Australia instead.
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