KUALA LUMPUR (May 25): UOA Development Bhd saw its net profit rise 22.4% to RM96.08 million or 6.32 sen per share for the first quarter ended March (1QFY16), from RM313.7 million or 5.48 sen per share a year ago, on the progressive recognition of its ongoing development projects.

Revenue fell 35.9% to RM201.17 million, from RM313.7 million, it said in a filing to Bursa Malaysia.

The property developer did not propose a dividend for the quarter.  

UOA Development said its new property sales for the quarter was about RM170 million, with contributions from projects such as Danau Kota, South View Serviced Apartments, Southbank Residence, Scenaria@North Kiara Hills, Desa Sentul, The Vertical Office Suites and Suria@North Kiara.

"Unbilled sales stood at approximately RM1.1 billion as at March 31," it added.  

Going forward, the group said it will continue its focus on development in Greater Kuala Lumpur and source for strategic development lands that meet the criteria.

At 3.09pm, shares of UOA Development rose one sen or 0.45% to RM2.21, for a market capitalisation of RM3.34 billion. – theedgemarkets.com

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