KUALA LUMPUR, 21 May 2015 – UEM Sunrise Berhad (“UEM Sunrise”) today announced its financial results for the first quarter (“Q1”) ended 31 March 2015 which saw an increase in total revenue by 4% to RM417.4 million from RM401.6 million in Q1 2014.
Total property development sales for the period also improved to RM390.1 million from RM123.0 million in Q1 2014 driven mainly by the continued strong sales of the Aurora Melbourne Central project in Melbourne, Australia which contributed sales of RM251.4 million in the current period. Unrecognised revenue as at 31 March 2015 stood at RM3.9 billion compared to RM3.2 billion a year earlier.
Property development activities contributed 90% of its total revenue for the period, increasing slightly to RM376.8 million from RM372.7 million recorded in the corresponding period of 2014 mainly attributable to project completion achieved of its ongoing property development projects in Nusajaya and the Central Region while Gross Profit margin also improved to 34.3% from 32.9% in Q1 2014.
Profit after tax and non-controlling interest however decreased by 13.7% to RM53.1 million compared to RM61.5 million in the corresponding period last year. The decrease was mainly due to higher expenses recorded in the current period arising from the sales commission costs accrued for the Aurora Melbourne Central project and lower contribution from associates and joint ventures.