PETALING JAYA: UEM Sunrise Bhd (UEM Sunrise) announced its financial results for the nine months ended Sep 30, 2017, where total revenue recorded for the period increased to RM2,155.3mil as compared to RM1,216.8mil reported for the corresponding period in 2016, an increase of approximately 77%.

According to the statement, the profit after tax and noncontrolling interests for the nine months period increased by 158% and stood at RM242.4mil, more than doubled compared to RM94.0mil in the same period last year.

The property development activities contributed 74% of total revenue for the period.

The largest contributor was Aurora Melbourne Central in Australia followed by Residensi22 Mont’Kiara in Kuala Lumpur and Conservatory project in Australia.

The Central region projects contributed the highest; 38% of property development revenue followed by 36% from international projects and 26% from the Southern region. Revenue from land disposal contributed about 23% of the total revenue mainly from the land disposal in Richmond, Canada which was completed at the end of September 2017. Unrecognised revenue stood at RM2.9bil.

The Company said it had launched projects with a total gross development value (GDV) of approximately RM1.9bil, exceeding its target for 2017 of RM1.7bil.

“Our financial performance for the past nine months has been on a growth trajectory ever since we released our first quarter results in May 2017 driven by strong construction progress from the international and local projects, inventory monetisation initiatives and the strategic disposal of our land in Richmond, Canada,” said UEM Sunrise chief executive officer Anwar Syahrin Abdul Ajib.

“With the completion of Teega in Puteri Harbour, Arcoris Mont’Kiara, as well as our Bayu Angkasa apartment in Iskandar Puteri which was just recently delivered, we are now slated to deliver Residensi22 Mont’Kiara before year end and Estuari Gardens in Puteri Harbour by the second quarter of 2018,” he added.