Back

UEM Sunrise’s reports improved performance for the 6 months ended 30 June 2013

KUALA LUMPUR, 29 August 2013 – UEM Sunrise Berhad (“UEM Sunrise”) today announced that its revenue for the six months ended 30 June 2013 improved by 47.4% to RM1.20 billion, compared to RM814.6 million recorded in the same period of 2012. Profit after tax and minority interest (“PATAMI”) for the six month period also increased by 96.8% to RM318.4 million compared to RM161.8 million for the corresponding period last year, largely driven by the sale of 43.6 acres of land in Puteri Harbour with a total value of RM400.7 million which was accounted for during the 1st Quarter of 2013.

UEM Sunrise also reported total sales from property development of RM1.7 billion from January to June 2013 compared to RM702 million in the same period last year, an increase of almost 114.8% while unrecognized revenue as at 30 June 2013 stood at RM3.27 billion, compared to RM1.85 billion on 30 June 2012.

However, for the 2nd Quarter of 2013, its revenue decreased by 4.28% to RM488.9 million from RM510.8 million for the corresponding period in 2012 mainly due to the contribution of non- recurring strategic land sales of RM57.5 million which were recorded in 2012. In line with the lower revenue, PATAMI for the quarter also slipped by 0.27% to RM107.3 million compared to RM107.6 million in the 2nd Quarter of 2012.

Commenting on UEM Land’s performance, its Managing Director / Chief Executive Officer, Dato’ Wan Abdullah Wan Ibrahim was confident on the company’s prospects for 2013. “For the first 6 months of 2013, our sales have more than doubled to RM1.7 billion while unrecognized revenue has also significantly improved to RM3.27 billion compared to the same period of 2012. We are also on course to launch several new phases in East Ledang, Nusa Idaman and Nusa Bayu as well as new projects such as MK 22 in Mont’Kiara, our new high rise mixed development in Parcel CS1 Puteri Harbour and an upmarket landed development called D’Estuary and we expect these new launches to further boost our sales performance for the year.”

Dato’ Wan also highlighted that the company expects several high profile transactions that have been previously announced to be completed by the end of 2013. “We anticipate that by year end, we will be able to fulfill the conditions precedent and secure the approvals from the relevant authorities for the sale of land to our joint venture company with Ascendas for Phase 1 of the joint development of an industrial park in Gerbang Nusajaya as well as the sale of Parcels TM2 & 3 in Puteri Harbour to Southern Marina Development Sdn Bhd and this will further boost performance.”

In terms of expansion plans, Dato’ Wan said, “We have our strategies to enhance our land bank in and around Malaysia and we are also exploring the possibility of expanding in new countries such as India, Singapore, Indonesia and Australia. We are currently evaluating all these possibilities and we should be able to pin something down pretty soon.”