UEM Sunrise profit down on higher expenses and associates


UEM Sunrise Bhd saw its net profit dip by 29.3% year-on-year (YoY) to RM37.66 million for the fourth quarter ended Dec 31 last year (4Q17), as liquidated ascertained damages, lower profit from associates and higher expenses weighed down on group earnings.

In an exchange filing today, the property developer said revenue brought in was higher at RM748.12 million, up by 19.8% YoY despite the decline in profit, due to higher property development revenue from its Melbourne-based projects Aurora and Conservatory,

Revenue was also boosted by the sale of completed units from the group’s inventory monetisation campaign.

For the full financial year, the company’s net profit jumped 90.1% YoY to RM280.08 million in line with revenue rising 57.6% to RM2.9 billion.

The growth was underpinned by the sale of completed units, progress made on its Australian-based projects and the sale of lands in Alderbridge, Canada and Iskandar Puteri, Johor.

UEM Sunrise declared a dividend of one sen for the quarter and has set an RM1.2 billion sales target for 2018.

Unbilled sales as of 4Q17 stood at RM4.8 billion.