KUALA LUMPUR: Shares of UEM Sunrise Bhd dropped as much as 5.53 per cent or 5.5 sen to 94 sen in morning trade after its earnings for the second quarter of 2024 (Q2 2024) came in lower than expected.
The stock opened marginally lower at 98.5 sen from 99.5 sen on Thursday's closing and has failed to rebound since the opening bell.
The company's net profit dropped 23.7 per cent year-on-year (YoY) for Q2 2024 to RM18.94 million on the back of lower revenue. Its earnings for the first half were down 19 per cent to RM56.86 million compared to the same period last year.
Its revenue for the quarter under review was down 43.6 per cent to RM205.5 million.
The company said the decline in revenue was due to sales of non-strategic land in Tapah, Perak, and Iskandar Puteri, Johor.