UEM Sunrise’s earnings up 73% on local, Aussie projects

UEM Sunrise Bhd’s net profit jumped 73% year-on-year (YoY) to RM94.55 million for its second-quarter (2Q) ended June 30, on the back of stronger turnover for the period.

In an exchange filing yesterday, the property developer noted revenue rose 66.9% YoY to RM897.79 million, largely driven by its Mont Kiara-based Residensi 22 project and developments in Melbourne — namely Conservatory and Aurora Melbourne Central.

The RM371 million sale of Alderbridge land also boosted revenue in 2Q. The property group noted it’s catering to the in-demand affordable and mid-segment property market with project launches in Solaris Dutamas and Bukit Indah slated for 4Q of the year.

The group will also expand its presence in Melbourne via the RM1.1 billion in gross development value Mayfair on St Kilda Road project.