UEM Sunrise chief executive officer Sufian Abdullah
KUALA LUMPUR: UEM Sunrise Bhd
said it is on track to launching RM2.5bil worth of new projects this year and targeting sales of RM1.5bil to follow-through on the launches.
According to CEO Sufian Abdullah, the group is entering the second stage of Triage - the first part of its three-phase strategic turnaround plan - this year after achieving the majority of the initiatives rolled out last year.
"Leveraging on this momentum, we will continue to strengthen fundamentals and deliver launches as planned to further increase stakeholders’ confidence in the company," he said in a statement.
In the first quarter of the financial year, UEM Sunrise recorded a net profit of RM15.35mil, down from RM19.02mil in the same quarter last year.
The group's earnings per share was down to 0.3 sen from 0.38 sen in the comparative quarter.
Revenue in the quarter under review dropped to RM240.78mil from RM416.45mil in 1QFY22.
According to the group, revenue was driven by higher construction progress from local developments, mainly Residensi AVA in Kiara Bay, Serene Heights in Semenyih, Residensi Allevia and Residensi Astrea both in Mont’Kiara and KAIA Heights in Equine Park, Seri Kembangan.
Gross profit margin improved to 44% during the quarter from 24% in 1QFY22 due to the recognition of project cost savings.
Operating expenses and operating profit meanwhile improved 7% and 12% respectively from the year-ago quarter.
The group's inventories were reduced 53% to RM176mil as at March 31, 2023 from RM372mil a year earlier.
Cash balances stood at RM1.1bil, up 35% from March 31, 2022.
Meanwhile, net gearing stood at 47% at at end-March 2023.
The group said it recorded property sales of RM168mil while unbilled sales stood at RM1.7bil as at March 31, 2023.
