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Friday, August 26, 2011

UEM Land Q2 net profit soars

KUALA LUMPUR: Property developer UEM Land Holdings Bhd's second quarter net profit more than doubled due to its soaring revenue.

Its net profit for the three months to June 2011 came in at RM88.9 million compared with RM40.35 million in the same quarter a year ago.

Revenue rose to RM509.4 million from RM88.0 million last year.

UEM Land said the momentum in the second quarter of 2011 will provide a strong platform for the current financial year.

For the first six months, UEM Land's net profit stood at RM106.54 million, up from RM43.49 million a year ago.

Group revenue rose to RM697.09 million from RM127.7 million previously.

UEM Land said the total unbilled sales of RM1.53 billion as at June 30 this year will support its revenue and profit for the current and subsequent financial years.

The significantly higher revenue in the quarter under review came mainly from higher direct development projects and developed land sales, UEM Land said in a filing to Bursa Malaysia yesterday.

Higher developed land sales of RM122.1 million compared with immediate preceding quarter of RM7.3 million was mainly attributed to strong sales performance for the Southern Industrial & Logistics Clusters (SiLC).

The high demand for industrial land at SiLC was due to the relocation of Singapore factories to Nusajaya, the company noted.

By Business Times

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