Back

UEM Land’s 1st Quarter 2013 Financial Results

KUALA LUMPUR, 28 May 2013 – UEM Land Holdings Berhad (“UEM Land”) reported a strong performance for its 1st Quarter ended 31 March 2013 with a total revenue of RM711.5 million compared to the corresponding period in 2012 of RM303.7 million, an increase of approximately 134%, and a profit after tax and minority interest (“PATAMI”) of RM211.1 million compared to RM54.2 million in 1st Quarter 2012, an increase of almost 290%.

This is largely contributed by the strategic sale of its Puteri Harbour lands signed in December 2012 and early January this year which accounts for approximately 56% of its 1st Quarter revenue. Revenue from property development activities accounts for approximately 38% with about 58% of it contributed by its property development projects in Nusajaya mainly East Ledang, Nusa Idaman and Nusa Bayu while the remaining was contributed by projects outside of Nusajaya.

UEM Land also reported total sales of RM955.6 million compared to RM290 million in the same quarter last year, an increase of almost 230% mainly contributed by the sale of Teega @ Puteri Harbour. Other main sales contributors for the quarter were the East Ledang, Nusa Idaman and Nusa Bayu projects in Nusajaya as well as Arcoris Mont’Kiara while unbilled sales as at 31 March 2013 stood at RM3.55 billion.

Commenting on UEM Land’s performance for the 1st Quarter of 2013, its Managing Director / Chief Executive Officer, Dato’ Wan Abdullah Wan Ibrahim was optimistic on the company’s prospects for 2013. “The increase in both revenue and PATAMI by 134% and 290% respectively reflected UEM Land’s commitment to deliver better returns to shareholders.

Although the bulk of it comes from the sale of lands in Puteri Harbour, even if we were to exclude the land sale, our revenue is still better off than last year’s 1st Quarter result. What is even more pleasing is that our first quarter sales have increased significantly from RM290 million to RM955.6 million with the majority contributed by our projects in Nusajaya and this has provided us with a solid platform to build on for the rest of 2013.”

Dato’ Wan also highlighted that the company is on track on its previously announced target to launch new residential and commercial properties with a total gross development value of RM4 billion for 2013. “For the balance of 2013, we expect to launch several major new projects such as our new high rise mixed development in Parcel CS1 Puteri Harbour, an upmarket landed development called D’Estuary in Nusajaya and our mid-market landed development in Bangi. We are also pleased to see significant progress made in several of our joint ventures. Emerald Bay Puteri Harbour, undertaken via our joint venture with Bandar Raya Developments Berhad is set to be launched this year while development planning works are already under way for the Integrated Eco-Friendly Tech Park and the Motorsports City which were both announced late last year.”