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KUALA LUMPUR (May 18): Former Telekom Malaysia Bhd (TM) group chief executive officer (CEO) and managing director (MD) Tan Sri Zamzamzairani Mohd Isa will assume the role of UEM Sunrise Bhd chairman from today.
Zamzamzairani will be replacing Tan Sri Dr Ahmad Tajuddin Ali, who is retiring after chairing the property development company since September 2008.
Separately, UEM Sunrise announced a 20-fold jump in its net profit for the first quarter ended March 31, 2017 (1QFY17) on higher revenue from its development projects and the revision of estimated cost for completed ones.
Net profit for the quarter came in at RM61.27 million, compared with RM3.02 million a year ago. Revenue grew 110% to RM541.76 million from RM257.75 million, thanks to higher progress of its property projects in Malaysia and Australia.
UEM Sunrise MD and CEO Anwar Syahrin Abdul Ajib said the company’s strong results exceeded the performances of its 1QFY16, 1QFY15 and 1QFY14, due to strong progress billings.
UEM Sunrise’s projects in the central region of Malaysia contributed the most to its property development revenue, at 41%, mainly from Residensi22 in Mont’Kiara, followed by 35% from the southern region, largely from Teega in Puteri Harbour.
On prospects, UEM Sunrise said the domestic property outlook is expected to be relatively subdued, trending at a flat to slight sales growth.
This article first appeared in The Edge Financial Daily, on May 18, 2017.
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