KUALA LUMPUR, May 23 — UEM Sunrise Bhd’s net profit increased 19 per cent to RM30.10 million in the first quarter for the financial year ended March 31, 2019 compared with RM25.29 million in the same quarter last year.

In a filing with Bursa Malaysia, the company said it recorded a revenue of RM419.25 million compared with RM287.74 million in the previous corresponding period.

UEM Sunrise managing director/chief executive officer Anwar Syahrin Abdul Ajib said 93 per cent of the total revenue was from property development, 59 per cent higher than that of the same quarter last year.

He said of the amount, 57 per cent was contributed by international projects followed by 22 per cent from the southern region and 21 per cent from the central region.

The largest contributor was the Conservatory project in Melbourne, followed by Symphony Hills in Cyberjaya and Sefina Residences in Mont Kiara which has unbilled sales of RM4.1 billion as at March 31, 2019, he said in a statement today.

To date, Anwar said the company has launched projects with a total gross development value (GDV) of RM160 million.

On new project launches, Anwar also said that property developer will also be launching Serene Heights Bangi’s Eugenia 2 in June and several others in the second half of the year.

"We plan to launch other similar mid-market products in both Iskandar Puteri, as well as in the central region, including the much-awaited development in Kepong towards year-end.

"We are also anticipating a launching of a new commercial development in Gerbang Nusajaya,” he said.

Notwithstanding its future plans, Anwar said UEM Sunrise is mindful of the challenging market environment and remains pragmatic on its RM1.2 billion GDV target.

"Additional launches depend on market conditions and demand. We will also remain prudent in our sales target of RM1.2 billion,” he said. — Bernama