KUALA LUMPUR: UEM Land Bhd recorded a 37.3% increase in its earnings to RM135.36 million in the fourth quarter ended Dec 31, 2010, boosted by higher revenue and higher margin achieved for one-off transactions from strategic land sales.
It said on Friday, Feb 25 that revenue rose 15% to RM276.33m from RM209.92 million a year ago. Its earnings per share were 3.72 sen compared with 3.46 sen.
In reviewing its performance, UEM Land said profit from operations were RM132.23 million in 4Q10 compared with RM88.82 million a year ago while share of results from associates/ joint ventures were lower at RM15.34 million from RM20.24 million.
'The group recorded higher revenue in the current quarter and full financial year as compared to the preceding year mainly due to higher revenue contribution from the group's direct development and developed land sales as well as continued strong contribution from strategic land sales,' it said.
In the 4Q10, the group recorded significantly higher revenue due to the inclusion of RM90.7 million.
The amount included additional compensation of RM48.2 million from the Johor State Authority for the land acquired for the Coastal Highway project; RM29.4 million compensation from TENAGA NASIONAL BHD [] for land utilised for TNB transmission lines and RM13.1 million for compulsory acquisition of 20 acres of land by the Johor State Authority for a new district police headquarters for Nusajaya.
UEM Land also recorded revenue of RM95.6 million from developed land sales arising from strong sales performance for the southern industrial and logistics clusters project and the sale of 6.698 acres of land in Puteri Harbour to Nusajaya Consolidated.
It said there was also RM73.7 million from the group's various direct development projects arising from strong sales performance and physical progress achieved during the current quarter.
For FY10, its earnings rose 69.7% to RM469.71 million from RM114.62 million while revenue was 14.9% higher at RM469.71 million.
UEM Land also said the profit for FY10 also increased in line with the land sales and also a gain of RM25.6 million on the disposal of an associate, Touch n' Go Sdn Bhd to PLUS EXPRESSWAYS BHD [] and higher contribution from share of results of associates / joint ventures.
It said on Friday, Feb 25 that revenue rose 15% to RM276.33m from RM209.92 million a year ago. Its earnings per share were 3.72 sen compared with 3.46 sen.
In reviewing its performance, UEM Land said profit from operations were RM132.23 million in 4Q10 compared with RM88.82 million a year ago while share of results from associates/ joint ventures were lower at RM15.34 million from RM20.24 million.
'The group recorded higher revenue in the current quarter and full financial year as compared to the preceding year mainly due to higher revenue contribution from the group's direct development and developed land sales as well as continued strong contribution from strategic land sales,' it said.
In the 4Q10, the group recorded significantly higher revenue due to the inclusion of RM90.7 million.
The amount included additional compensation of RM48.2 million from the Johor State Authority for the land acquired for the Coastal Highway project; RM29.4 million compensation from TENAGA NASIONAL BHD [] for land utilised for TNB transmission lines and RM13.1 million for compulsory acquisition of 20 acres of land by the Johor State Authority for a new district police headquarters for Nusajaya.
UEM Land also recorded revenue of RM95.6 million from developed land sales arising from strong sales performance for the southern industrial and logistics clusters project and the sale of 6.698 acres of land in Puteri Harbour to Nusajaya Consolidated.
It said there was also RM73.7 million from the group's various direct development projects arising from strong sales performance and physical progress achieved during the current quarter.
For FY10, its earnings rose 69.7% to RM469.71 million from RM114.62 million while revenue was 14.9% higher at RM469.71 million.
UEM Land also said the profit for FY10 also increased in line with the land sales and also a gain of RM25.6 million on the disposal of an associate, Touch n' Go Sdn Bhd to PLUS EXPRESSWAYS BHD [] and higher contribution from share of results of associates / joint ventures.
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