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Friday, May 25, 2012

UEM Land Q1 earnings up 207% to RM54.17m

KUALA LUMPUR: UEM Land Bhd's earnings jumped 207% to RM54.17mil in the first quarter ended March 31, 2012 from RM17.61mil a year ago while its unbilled sales totalled RM1.85bil.

It said on Friday that revenue increased 61.8% to RM303.72mil from RM187.68mil. earnings per share were 1.25 sen compared with 0.44 sen.

"The group recorded higher revenue in the current quarter as compared to the preceding year corresponding quarter mainly due to contribution from the group's development from East Ledang, Nusa Bayu, Nusa Idaman, MK28 and Quintet as well as sale of inventories from Dutamas and Meridin," it said.

UEM Land said the higher profits were in line with the higher revenue.

On the outlook for the property market, it expected it to remain cautious in the short term given the prevailing lending environment.

"Ongoing projects have an unbilled sales of RM1.85bil as at March 31, 2012. The revenue and profits from these future billings will be recognized substantially over 2012 and 2013," it said.

UEM Land said the group was well positioned to launch several competitively priced residential and commercial projects in the Klang Valley, Cyberjaya and Nusajaya.

It pointed out these projects together with the other ongoing projects would underpin the group's performance in meeting its current year's revenue and profit targets.

By The Star

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