Anwar Syahrin to resume duties as UEM Sunrise CEO from Sept 1

UEM Sunrise managing director/CEO Anwar Syahrin Abdul Ajib

KUALA LUMPUR: UEM Sunrise Bhd announced on Tuesday that Anwar Syahrin Abdul Ajib will resume his duties as its managing director and chief executive officer from Sept 1.

The property company said on Tuesday this followed his recorded temporary leave of absence since April 16, 2016.

UEM Sunrise said as Anwar Syahrin resumes his duties, Datuk Izzaddin Idris will be re-designated from executive director to non-independent non-executive director from Sept 1.

Meanwhile, UEM Sunrise posted lower earnings of RM54.66mil in the second quarter ended June 30, 2016, down 34.5% from RM83.91mil a year ago.

However, its revenue increased by 44.4% to RM537.81mil from RM372.31mil a year ago. Its earnings per share were 0.93 sen compared with 1.85 sen a year ago.

The higher revenue was mainly due to revenue contribution from sale of developed land and recognition of revenue from property development in Australia starting from second half of 2015. 

“Consequently, the Group recorded a slightly higher revenue for the cumulative quarter under review despite lower revenue contribution from Southern region and completion of Quintet and Summer Suites in the last financial year,” it said. 

UEM Sunrise said the group recorded lower profit before income tax despite higher revenue in the current and cumulative quarter mainly due to higher other income from dividend distribution from a subsidiary under creditors' voluntary liquidation, recognition of liquidated ascertained damages from a contractor and interest income in the preceding year's corresponding quarter and period. 

“Margins are lower in the current period due to additional rebates and discounts and more affordable product offerings by the group. 

“The lower profit before income tax in the cumulative quarter is also caused by higher finance cost due to increase in borrowings and lower interest cost qualified for capitalisation,” it said. 

For this first half, its earnings rose 57.9% to RM57.68mil from RM137.05mil in the previous corresponding period. Its revenue increased to RM795.56mil from RM789.76mil.