UOA’s second quarter net profit rises 33%

PETALING JAYA: UOA Development Bhd’s second quarter ended June 30, 2017 net profit rose 33% mainly from the progressive recognition of the group’s on-going development projects namely South View Serviced Apartments, Southbank Residence, Sentul Village, United Point Residence, Danau Kota Suite Apartments and Sentul Point Suite Apartments.

The group made a net profit of RM165.7 million for the quarter, compared with RM124.2 million for the same quarter in the preceding year.

This was on an almost 58% jump in revenue to RM456.6 million for the quarter under review, compared with RM294.8 million for the same quarter in 2016.

Total new property sales as at June 30, 2017 were about RM613 million, attributable mainly to on-going projects, namely Sentul Point Suite Apartments and United Point Residence. Total unbilled sales as at June 30, 2017 amounted to about RM1.39 billion.

The group said 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.

For the six-month period ended June 30, 2017, the group saw a 5% drop in net profit to RM209 million, compared with RM220 million for the corresponding period in 2016. This came on a 25% increase in revenue for the same period to RM620.7 million, from RM496 million for the six month period in 2016.

The group’s share price was up two sen to RM2.57 at close of trading yesterday, with 410,000 shares changing hands. It has a market capitalisation of RM4.46 billion.