Friday 29 Mar 2024
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KUALA LUMPUR (Feb 25): UEM Sunrise Bhd's net profit for the fourth quarter ended Dec 31, 2015 (4QFY15) fell 73% to RM72.42 million or 1.6 sen per share from RM272.38 million or 6 sen per share a year earlier due to lower revenue.

Its revenue for the quarter more than halved to RM607.05 million from RM1.34 billion, due to reduction in land sale revenue.

"In the last quarter of 2014, the group has recognised Gerbang land sales to FASTrack Iskandar Sdn Bhd and Scope Energy Sdn Bhd for RM248.3 million and RM522.7 million respectively," it added.

It proposed a final dividend of 1.6 sen per share, down from 3 sen last year.

For the full year (FY15), UEM Sunrise's net profit declined 46.4% year-on-year (y-o-y) to RM257.21 million from RM479.93 million, while revenue was 34.2% lower y-o-y at RM1.75 billion from RM2.66 billion.

Going forward, UEM Sunrise is confident that it will be able to deliver satisfactory performance in 2016 on the back of the existing unrecognised revenue of RM4.7 billion from ongoing projects that will continue to contribute towards the group's revenue and earnings.

"Locally, the group will increase its focus on the affordable and mid-market segments with the planned launch of Denai Nusantara and Melia Residences, both in the southern region and new phases in Serene Heights in the central region in 2016," it added.

UEM Sunrise said it will continue to actively pursue sales from its existing projects.

On the international front, its two projects in Australia, namely Aurora Melbourne Central and Conservatory, have both been well received and the sales contribution from these international projects have helped to cushion the impact of the slowdown in the local property market.

"The group is now targeting to launch its third project in Melbourne on St. Kilda Road," it added.

It pointed out that it will continue to look for opportunities to expand its geographical presence to other locations in Malaysia, particularly the Klang Valley such as the recently announced joint venture with WCT Land to develop 608 acres of land in Serendah, Selangor.

Shares of UEM Sunrise closed 2 sen or 1.96% lower at RM1, for a market capitalisation of RM4.54 billion.

 

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