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KUALA LUMPUR: UEM Sunrise Bhd has returned to the black with a net profit of RM20.7mil in the second quarter ended June 30 (2Q) compared with a net loss of 7.37mil a year ago.
The developers’ revenue for the quarter was 47% higher to RM365mil from RM249.14mil mainly due to the sale of non-strategic lands Mersing and Iskandar Puteri.
Its earnings per share for the quarter stood at 0.41 sen versus a loss per share of 0.15 sen.
In the first six months to June 30, UEM Sunrise posted a net profit of RM39.72mil, against a net loss of RM11.7mil while revenue jumped 55.8% to RM781.5mil from RM501.8mil previously.
UEM Sunrise said property sales in the first half of 2022 was RM439mil with 57% was contributed by projects in the central region led by KAIA Heights, followed by Residensi Allevia in Mont'Kiaraand Serene Heights, and 39% was from Southern mainly Estuari Gardens, Aspira LakeHomes in Gerbang Nusajaya and Teega in Puteri Harbour.
The remaining 4% was from Conservatory in Melbourne; unsettled units which were re-sold to replacement buyers.
To-date, only one unit remains for sale. The company’s unbilled sales as at June 30 is RM2.3bil.,
UEM Sunrise maintains its sales and gross development value targets of RM1.5bil and RM3.3bil, respectively for 2022.
Chief executive officer Sufian Abdullah said: “Our priority in the meantime is to strengthen our product pipeline and focus on property development activities. Plans to launch the targeted projects remain intact.”
“We expect to launch them in the second half of 2022. Our planned development in Taman Connaught, Cheras will be deferred to next year with plans for launch in early 2023,” he added.
Sufian said to further reinforce its future pipeline, it acquired a 6.4-acre freehold land in Jalan Sultan Yahya Petra in early August.
The land has a planning approval for a mixed commercial development comprising shopping complexes, offices, serviced apartments and hotels.
“We consider the acquisition as value for money as the land comes with an approved development orderand is not subject to any affordable home requirement.
“The land is also very strategic in terms of location as it is situated at the intersection of Jalan Sultan Yahya Petra and Jalan Padang Tembak, and easily accessible to the Duta-Ulu Kelang Expressway or DUKE. We target to launch this new development in early 2024,” he said.