UOA Development's 1Q net profit falls with lower profit margins

KUALA LUMPUR (May 24): Property developer UOA Development Bhd saw its net profit for the first financial quarter ended March 31, 2018 (1QFY18) fall 34% year-on-year to RM32.27 million from RM48.98 million, on lower profit margins during the quarter.

This is despite a 11% y-o-y rise in 1QFY18 revenue to RM171.99 million from RM154.6 million, the group's stock exchange filing today showed. Earnings per share fell to 1.86 sen, from 3 sen in the year-ago quarter.

Ongoing development projects which contributed to group revenue and net profit this quarter included United Point Residence, Sentul Point Suite Apartments and South Link Lifestyle Apartments, as well as the sale of completed units at Desa Green Serviced Apartments.

The group's total unbilled sales as at March 31, 2018 stood at about RM1.64 billion.

UOA Development shares closed 2 sen or 0.78% higher today at RM2.58, giving it a market capitalisation of RM4.45 billion. — theedgemarkets.com

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