UOA Development’s Q4 net profit lower

PETALING JAYA: UOA Development Bhd’s earnings dropped 44.6% to RM191.8 million for the fourth quarter ended Dec 31, 2017, from RM346 million in the previous corresponding quarter, mainly due to the absence of fair value adjustments in the current quarter.

Revenue declined 26.4% to RM199.27 million, compared with RM270.64 million in the same period in 2016.

UOA has recommended a first and final dividend of 15 sen per share for the quarter under review.

For the whole of 2017, its net profit fell 27.4% to RM491.18 million, against RM676.7 million a year ago, while revenue grew 8.6% to RM1.08 billion, from RM996.2 billion previously.

In a statement, UOA said the group’s total new property sales for the year ended Dec 31, 2017 stood at about RM1.30 billion with contributions mainly from projects such as Sentul Point Suite Apartments, United Point Residence and UOA Business Park.

Unbilled sales amounted to about RM1.37 billion as at Dec 31, 2017.

The property developer said it will maintain its focus on projects in Greater Kuala Lumpur and continue to source for development land at strategic locations.

On Bursa Malaysia yesterday, UOA slipped one sen or 0.4% to close at RM2.54 on volume of 1.68 million shares.