UEM Land posts higher Q3 net profit

UEM Land Holdings Bhd's group net profit was higher at RM7.54 million in the third quarter ended September 30 2009 compared to RM1.11 million a year ago, due to lower cost of sales and higher other income and results from associates.

However, revenue in the third quarter slipped 7.1 per cent to RM72.79 million from RM78.37 million due to lower strategic land sales. This was however, mitigated by overall higher property development sales.

In the first nine month ended September 2030 2009, UEM made a net profit of RM10.68 million on the back of a RM197.99 million revenue.

This compares to a net profit of RM65.55 million and a revenue of RM329.67 million achieved in the first nine months of 2008.

As the group performance continues to be affected by the global economic uncertainties, the company does not expect to achieve its KPI targets of 20 per cent in revenue growth and a 6 per cent return on equity in the year ending December 31 2009.

By Business Times