KUALA LUMPUR, Aug 28 — UEM Sunrise Bhd has posted a net profit of RM40.36 million in the second quarter (Q2) of its financial year ending Dec 31, 2019 (FY19), down from RM213.79 million recorded in the corresponding period last year.
However, revenue rose to RM1 billion from RM573.35 billion previously.
In a filing to Bursa Malaysia today, it said the higher revenue in Q2 FY19 was largely due to higher settlement of its international projects, Aurora Melbourne Central and Conservatory.
“The projects contributed a revenue of RM759 million to the group in the current quarter as compared with RM220 million in the immediate preceding quarter,” it said.
It added the results in Q2 FY18 included land sales of RM382 million.
UEM Sunrise also said that the higher contribution from international revenue had cushioned the impact of lower revenue from domestic projects such as Residensi Astrea and Eugenia-Serene Heights in central region and Aspira ParkHomes and 680 Avenue in southern region which is still at the early stages of their development cycles.
To-date, the group has launched projects with a gross development value (GDV) of RM249.3 million comprising mid-market double-storey terrace homes.
“In Gerbang Nusajaya, Aspira ParkHomes, phases 1 and 2, which were launched on January 19 and June 29 June, have registered encouraging take-up rates of 74 per cent and 58 per cent, respectively.
“Aspira Square, which is the group’s first commercial development in Gerbang Nusajaya, is targeted to be launched in Q3 FY19,” it said.
As for the central region, the group plans to launch the first phase of the Kepong Metropolitan development in Q4 FY19, featuring two residential blocks and retail with an estimated GDV of RM656 million.
On overseas project, the group has fully sold and completed the A$750 million Aurora Melbourne Central with two of its separable portions (SP), SP3 and SP4 worth A$393 million handed over to the buyers at a settlement rate of 99 per cent to-date.
It also said that the group will continue its initiatives to consolidate margins through smart spending, project cost savings and containment of operational overheads, in addition to divestment of non-strategic assets and rebalancing of land portfolio.
“Pproperty sales and unbilled sales as of end-June 2019 amounted to RM532.0 million and RM2.6 billion, respectively. Barring unforeseen adverse market condition, the group is on track to meet both its sales and GDV targets of RM1.2 billion each for 2019,” it added. — Bernama
