Friday 29 Mar 2024
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KUALA LUMPUR (Feb 26): UEM Sunrise Bhd posted a profit of RM20.08 million in the fourth quarter ended Dec 31, 2018, from net loss of RM50.95 million a year earlier, in tandem with higher revenue, lower operating expenditure and higher contribution from associates and joint ventures.

Quarterly earnings per share stood at 0.44 sen from losses per share of 1.12 sen previously, the group's bourse filing showed. No dividend was declared for the quarter.

Revenue more than doubled to RM752.79 million from RM303.29 million in the same period last year, largely due to the partial settlement of the group's Conservatory and Aurora Melbourne Central development projects in Australia, in addition to the completion of land sale worth RM82.1 million to Kimlun Corp Bhd.

The contribution from international revenue cushioned the impact of lower revenue from the domestic projects derived from Residensi Astrea, Kiara Kasih and Solaris Parq in the central region as well as Serimbun and Aspira Park Homes in the southern region that are still at early stages of its development cycle, the group said.

UEM Sunrise's full-FY18 net profit more than doubled to RM280.33 million, from RM105.66 million in FY17, on the back of higher revenue, cost savings, and higher margin from land disposed of in Iskandar Puteri.

Full-year revenue rose 9.9% to RM2.04 billion, from RM1.86 billion in FY17, attributable mainly to its overseas projects as contribution from domestic projects drifted lower.

With total sales in FY18 at RM1.43 billion, UEM Sunrise said it has exceeded its sales target by 19%.

"2018 saw the completion of several major projects especially in the second half of the year contributing to a stronger revenue compared to last year," said UEM Sunrise managing director Anwar Syahrin Abdul Ajib in a statement.

"We have exceeded our sales target amidst the challenging property market environment. We view the outlook to remain challenging but offerings with unique value proposition and within strategic locations in combination with attractive pricing packages should continue to encourage demand and create sales," Anwar Syahrin said.

The group also plans to continue with its asset divestment plan in 2019, and has earmarked several non-strategic assets for divestment amounting to RM300 million, he added.

Shares of UEM Sunrise were down one sen or 1.2% at 83.5 sen in early afternoon trading, with a market capitalisation of RM3.8 billion.

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