KUALA LUMPUR: Property developer UEM Sunrise Bhd remained in the red for a third consecutive quarters, but is planning to ramp up new launches amid a pick up in sales.
For the three months ended Sept 30, the company posted a net loss of RM28.9mil on revenue of RM217.4mil.
"The company’s performance in 3Q 2020 improved significantly compared to the preceding two quarters following the lifting of earlier containment measures," UEM Sunrise said in a statement today.
The company said construction activities resumed to full capacity and sales momentum picked up in 3Q 2020.
"These improvements however could not reverse the effects of the impact brought by the pandemic in the previous quarters," it added.
UEM Sunrise has launched RM250mil worth of properties to-date with plans to launch another RM700mil before the end of the year, The Company’s unbilled sales as at the end of the period was RM1.7bil.
"UEM Sunrise remains cautious on the outlook and continues to exercise prudence in this challenging environment," it said.
The company maintained its gross development value and sales (including land sales) targets of RM1bil each for the remaining year.
Did you find this article insightful?
100% readers found this article insightful