On the 21st of May, UEM Sunrise Berhad, UEM Sunrise announced its financial results for Q1 (ended on the 31st of March 2015). The total increase of revenue is 4%, from RM401.6 million to RM417.4 million.
The total property development sales for the period also improved; from RM123.0 million to RM390.1 million. It is mainly driven by the continued strong sales of the Aurora Melbourne Central project in Melbourne, Australia which contributed RM251.4 million of sales. Meanwhile, the unrecognized revenue as at 31 March 2015 stood at RM3.9 billion as compared to RM3.2 billion a year earlier.
Property development activities contributed 90% of its total revenue for the period, increasing slightly to RM376.8 million from RM372.7 million recorded in the corresponding period of 2014 and it is mainly attributable to the completion of development projects in Nusajaya and the Central Region. The Gross Profit margin also improved to 34.3% from 32.9% in Q1 2014.
However, profit after tax and non-controlling interest decreased by 13.7% to RM53.1 million. The decrease was mainly due to higher expenses recorded in the current period arising from the sales commission costs accrued for the Aurora Melbourne Central project and lower contribution from associates and joint ventures.