PETALING JAYA: UEM World Bhd’s net profit rose 23.9% to RM60.75mil for the first quarter ended March 31 from RM49.02mil a year earlier, boosted by better performance at most of its divisions.
Announcing the results yesterday, the group said revenue rose 7% to RM1.47bil from RM1.38bil while pre-tax profit improved 44.6% to RM143mil from RM98.8mil before. Earnings per share rose to 4.38 sen from 3.53 sen.
Managing director and chief executive officer Datuk Ahmad Pardas Senin said in a statement the group had shown resilience so far this year despite the tough market conditions.
“The group’s overall operating performance remains positive but we remain mindful of the current macro-economic challenges,” he said.
Ahmad Pardas said material prices were going up and that it was crucial to closely monitor the group's costs and ensure the delivery of key projects.
“It is imperative that we achieve this in order to stay on course in meeting our targets,” he said.
UEM World said the engineering and other services segment saw revenue rising 7% to RM341.9mil from RM318.8mil.
Its construction segment saw a 24% decline in revenue to RM433.7mil from RM573.5mil in the previous corresponding quarter. However, it managed to contain the costs, resulting in a 17% improvement in net profit of RM11.4mil compared with RM9.7mil a year ago.
The group's healthcare operations reported a three-fold rise in net profit to RM18.9mil against RM6.3mil a year ago, underpinned by a 21% increase in revenue to RM309.7mil from RM256.1mil.
By The Star
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