Analysts slash UEM Sunrise's earnings forecast

Kuala Lumpur

ANALYSTS have slashed their earnings projection for UEM Sunrise after the state-owned builder posted a profit of RM3 million (S$1 million) for its first quarter to end March, a plunge of more than 90 per cent from the same period last year.

A major property developer in Iskandar Malaysia, its piffling bottomline amounted to only about one per cent of street estimates, while sales of RM229 million were also only 15 per cent of the developer's RM1.5 billion target for the year. Notably, three-quarters of its sales were driven by its overseas projects in Australia.