UOA Development 2Q net profit up 33.34% to RM165.65 mil

KUALA LUMPUR (Aug 23): UOA Development Bhd net profit for the second quarter ended June 30, 2017 rose 33.34% to RM165.65 million, from RM124.23 million a year earlier, driven by contribution from South View Serviced Apartments which were completed during the current quarter.

Revenue for the quarter rose to RM465.61 million, from RM294.81 million, while earnings per share was 10.15 sen, compared with 8.17 sen in the prior year, the group said in a filing with Bursa Malaysia today.

For the six months ended June 30, UOA Development said its net profit dipped to RM209.03 million, from RM220.30 million, on the back of a revenue of RM620.69 million, compared with RM495.98 million a year earlier.

Reviewing its performance, UOA Development said the group’s revenue and profit for the quarter under review were mainly derived from the progressive recognition of the group’s ongoing development projects, namely South View Serviced Apartments, Southbank Residence, Sentul Village, United Point Residence, Danau Kota Suite Apartments and Sentul Point Suite Apartments.

On its prospects, UOA Development said total new property sales as at June 30, was approximately RM613.0 million.

It said sales was attributable mainly to ongoing projects, namely Sentul Point Suite Apartments and United Point Residence.

Meanwhile, the filing added total unbilled sales as at June 30 amounted to approximately RM1.39 billion.

It added that it will maintain its focus on development in Greater Kuala Lumpur and continue to source for strategic development lands that meet the objective of the group.

At 12.10pm today, UOA Development slipped 0.39% or 1 sen to RM2.54, with 10,300 shares traded. — theedgemarkets.com

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