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Tuesday, 29 May 2018

(The Star) UEM Sunrise revises downwards Q1 sales figures

PETALING JAYA: UEM Sunrise Bhd has revised downwards its sales figures for the first quarter ended March 31 to RM354.1mil from RM434.3mil previously, due to a correction in its Mayfair development in Melbourne, Australia.

In a statement yesterday, the development said the revision was made upon discovery that certain units sold, which was in the previous quarter classified as confirmed reservations and subsequently recognised as sales - was again recorded as new sales when contracted in the current quarter.

“The reduction in the figures does not have an impact to the group for the financial year 2018, as the sales of Mayfair will only be recognised as revenue upon the project’s completion and settlement tentatively in 2022.

“The company is however pleased to report that its property development sales to-date of RM538.6mil has exceeded the sales figures announced on May 22, 2018.”

The company reported that earnings in the first quarter rose 8.4% to RM25.29mil from a year ago due to lower operating costs, higher income and net contribution from associates and joint ventures.