August 29, 2013 / 10:28 AM / 4 years ago

Malaysia's UEM Sunrise Q2 net profit slips

KUALA LUMPUR, Aug 29 (Reuters) - Malaysia’s largest listed property developer UEM Sunrise Bhd posted a 0.3 percent dip in second quarter profits, normalising from a one-off land sale last year, and plans to expand beyond Southeast Asia.

Profits in the March to June period fell to 107.3 million ringgit ($32.18 million) from 107.6 million ringgit in the same period a year ago, the company said in a statement.

“Revenue decreased (in second quarter 2013)...mainly due to the contribution of nonrecurring strategic land sales of57.5 million ringgit which were recorded in 2012,” UEM Sunrise said on Thursday.

Formerly known as UEM Land, the property developer is part of unlisted infrastructure conglomerate UEM Group.

It’s Chief Executive Wan Abdullah Wan Ibrahim said the firm was expanding its landbank in Malaysia and exploring possibilities of venturing into new countries such as India, Singapore, Indonesia and Australia.

“We are currently evaluating all these possibilities and we should be able to pin something down pretty soon,” he said. ($1 = 3.3345 Malaysian ringgit) (Reporting by Niluksi Koswanage)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below