UOA Development 4Q profit falls 31% to RM136.45m

KUALA LUMPUR (Feb 25): UOA Development Bhd's net profit for the fourth quarter ended Dec 31, 2018 (4QFY18) fell 31% year-on-year (y-o-y) to RM136.45 million from RM197.8 million, despite stronger revenue, as cost of sales rose while other income came in lower.

Quarterly revenue grew 145.1% to RM486.35 million from RM198.49 million a year ago. But cost of sales jumped 220% or RM215.31 million to RM313.12 million from RM97.81 million, while other income retreated to RM62.75 million from RM165.89 million, its income statement filed to Bursa Malaysia today shows.

UOA Development's full-year (FY18) net profit fell 25% to RM378.92 million, from RM506.6 million in FY17, though revenue rose 17.2% to RM1.26 billion, from RM1.08 billion.

In a separate statement, the group said its earnings for the period was derived from the progressive recognition of its ongoing development projects, specifically United Point Residence, Sentul Point Suite Apartments, South Link Lifestyle Apartments and sale of stocks.

"The total new property sales for the period ended Dec 31, 2018 was approximately RM1.48 billion. The property sales for the year were derived, mainly, from South Link Lifestyle Apartments, United Point Residence, office tower at UOA Business Park and Sentul Point Suite Apartments.

"The total unbilled sales as at Dec 31, 2018 amounted to approximately RM1.5 billion. The group [will keep] its focus on development at targeted geographical locations and continue to assess opportunities for land acquisitions that meet the criteria," the group said.

Shares of UOA Development were not traded today. The counter last traded at RM2.30 on Feb 22. —

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