Thursday, August 25, 2011

UEM Land 2Q net profit surges to RM88.93m

KUALA LUMPUR: UEM LAND HOLDINGS BHD [] net profit for the second quarter ended June 30, 2011 more than doubled to RM88.93 million from RM40.35 million a year earlier due mainly to an increase in its revenue.

The company said on Thursday, Aug 25 that its revenue for the quarter surged to RM509.40 million from RM88 million in 2010.

Earnings per share was 2.17 sen compared to 1.23 in 2010, while net assets per share was RM1.03.

For the six months ended June 30, UEM Land's net profit surged to RM106.54 million from RM43.49 million in 2010, on the back of a more than five-fold increase in revenue to RM697.09 million.

Reviewing its performance, UEM Land said the higher revenue recorded quarter under review was mainly from higher direct development projects and developed land sales.

The company said the higher revenue of RM372.8 million was from the group's various direct development projects compared to the immediate preceding quarter of RM165.5 million mainly due to higher contribution from the overall developments.

Meanwhile, it said developed land sales rose to RM122.1 million compared to immediate preceding quarter of RM7.3 million mainly from strong sales performance for the Southern Industrial & Logistics Clusters (SiLC) due to high demand for industrial land arising from relocation of Singapore factories to Nusajaya.

On its prospects, UEM Land said the momentum from the group's performance in the second quarter of 2011 would provide a strong platform for the current financial year.

'In particular, the total unbilled sales of RM1.53 billion as at June 30, 2011 will support revenue and profit for the current and subsequent financial years,' it said.

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