UEM Sunrise posts net profit of RM54.7mil

Under the deal, UEM Sunrise via its unit Sunrise Bhd would invest RM215mil to acquire a 50% stake in WCT

PETALING JAYA: Property developer UEM Sunrise Bhd posted a 34.8% decline in net profit to RM54.7mil for its second quarter ended June 30 compared with the previous corresponding quarter due to a couple of one-off gains recorded a year ago.

The drop in earnings was also because of lower margins recognised in the quarter from additional rebates and discounts and more affordable product offerings, said the company in a filing with Bursa Malaysia.