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Earnings growth from New Niche Developments, Sustained contribution from Townships
Kuala Lumpur, 29 August 2007 --- The first half of 2007 saw United Malayan Land Bhd (UMLand) Group performing well with a significant 292% increase in net profit to RM29.4 million compared with RM7.5 million year-on-year.
UMLand Group posted higher profit before tax (“PBT”) of RM46.3 million on the back of increased revenue of RM235 million for its second quarter ended June 30. This represents solid growth of 223% and 68% in PBT and revenue from the preceding year respectively.
In the 2nd quarter of 2007, net profit surged 298% to RM23.5 million or 9.85 sen a share compared with RM5.9 million or 2.54 sen a share in the preceding quarter. Meanwhile, revenue rose 33% to RM134 million from RM101 million in the 1st quarter of 2007.
Mr. Anthony Yap, UMLand’s Group Chief Executive Officer said, “The better performance for 1st half of 2007 can be attributed to increased contributions from both the Group’s Township and Niche Development Divisions. In addition, our strategy of unlocking value of assets through strategic divestment of land banks to selective parties, adding value and accelerating the development progress of our township has materialised with the entry of MARA College and the block sale of bungalow lots. The college, with an investment cost of RM40 million, sited on a 50-acre piece of land within our Seri Alam township in Johor will be operational in 2009. University Kuala Lumpur, another institute of higher learning will also be setting up its first campus in Johor within this township. Both the college and university will complement the existing 6 national schools and a Japanese international school within the township.”
Mr.Yap commented “In respect of UMLand’s 3 niche projects in hand, we have seen land prices and selling prices of condominiums and service apartments in KL city breaching new highs in recent months, mainly within the high-end segment of the property market. This will provide an upside potential to our three new development projects. These projects are expected to contribute positively to Group earnings in the next 3 years with the launch of Bangsar project slated in 4Q07.“
The Group has, in June this year, launched “The Valley”, a boutique development within the heart of Seri Alam spanning an area of more than 130 acres. With the comprehensive security systems employed in the form of public surveillance system, single-access entrance and exit layout and 24-hour patrolling, its residents can fully enjoy the landscaped environment and enriching living qualities within the clean elements of nature.
In addition, Seri Alam witnessed the opening of the Eastern District Police Headquarters in Seri Alam on 1 August 2007 that adds another dimension to the township.
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