UEM Land Holdings Bhd's second quarter net profit more than doubled due to its soaring revenue. .
Its net profit for the three months to June 2011 came in at RM88.9 million compared with RM40.35 million in the same quarter a year ago. .
Revenue rose to RM509.4 million from RM88.0 million last year. .
UEM Land said the momentum in the second quarter of 2011 will provide a strong platform for the current financial year. .
For the first six months, UEM Land's net profit stood at RM106.54 million, up from RM43.49 million a year ago. .
Group revenue rose to RM697.09 million from RM127.7 million previously. .
UEM Land said the total unbilled sales of RM1.53 billion as at June 30 this year will support its revenue and profit for the current and subsequent financial years. .
The significantly higher revenue in the quarter under review came mainly from higher direct development projects and developed land sales, UEM Land said in a filing to Bursa Malaysia yesterday. .
Higher developed land sales of RM122.1 million compared with immediate preceding quarter of RM7.3 million was mainly attributed to strong sales performance for the Southern Industrial & Logistics Clusters (SiLC). .
The high demand for industrial land at SiLC was due to the relocation of Singapore factories to Nusajaya, the company noted. - Business Times
