UEM Edgenta’s 3Q profit lower on property

UEM Edgenta Bhd’s net pro t fell 54.6% year-on-year (YoY) to RM17.56 million in its third quarter ended Sept 30, 2018 (3Q18), despite revenue edging up 1% YoY to RM528.33 million.

UEM Edgenta noted, in a statement yesterday, the weaker financial performance was due to slower progress in its property and facility solutions division, as well as a weaker showing in its legacy property development division that is in the process of being wound down.

For the nine months ended Sept 30, earnings slipped 13.8% to RM80.51 million from RM93.38 million in 2017. Revenue was 6.2% higher YoY at RM1.54 billion.

Moving forward, the group expects to continue its growth momentum across revenue and profit margins until end-2018, via operational improvement programmes, training and innovation. — TMR