UOA posts 45% drop in 4Q net profit, proposes 15 sen dividend

KUALA LUMPUR (Feb 21): UOA Development Bhd's net profit for the fourth quarter ended Dec 31, 2017 (4QFY17) fell 45% to RM191.8 million versus RM345.98 million a year ago, due mainly to the absence of fair value adjustments in the current quarter.

Earnings per share fell to 11.07 sen from 21.21 sen in 4QFY16.

The board proposed a first and final dividend of 15 sen, the group said in a filing to the stock exchange today.

Quarterly revenue decreased 26% to RM199.27 million from RM270.64 million a year ago.

It added that total expenditure for the quarter under review of RM78.3 million comprises mainly marketing expenses of RM25.9 million and administrative and operating expenses of RM34.8 million.

For its full year (FY17), the group's net profit was lower by 27% at RM491.18 million versus RM676.73 million in the previous year. Full year revenue, however, was higher by 9% to RM1.08 billion versus RM996.19 million a year ago.

It said total new property sales for the year ended Dec 31, 2017 stood at approximately RM1.3 billion with contributions mainly from projects such as Sentul Point Suite Apartments, United Point Residence and UOA Business Park. Its unbilled sales amounted to approximately RM1.37 billion.

"UOA will maintain its focus on developments in Greater Kuala Lumpur and continue to source for opportune development land acquisitions at strategic locations," said UOA.

At the noon market break, UOA shares settled two sen lower or 0.78% at RM2.53, bringing a market capitalisation of RM4.39 billion. — theedgemarkets.com

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