Shares in Malaysian property developer UEM Land rose more than 2 per cent after the company’s second-quarter net profit increased by more than a fifth on higher sales, underscoring a strong property market in the Southeast Asian country.
UEM Land’s net profit in the quarter to June 30 climbed 21 percent to 107.6 million ringgit ($34.44 million) from 88.8 million ringgit a year ago.
Research house ECM Libra kept its ’buy’ call on the stock saying the property developer was still confident of achieving its 3 billion ringgit sales target with the bulk of sales expected in the third and the fourth quarters.
By Reuters
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