UOA Development 1Q earnings surge 83% y-o-y to RM59.86m as on-going projects lift

KUALA LUMPUR (May 29): UOA Development Bhd net profit for the first quarter ended March 31, 2019 surged 82.9% year-on-year to RM59.86 million versus RM32.27 million, due mainly to the progressive recognition of the group’s on-going development projects.

In a filing to Bursa Malaysia today, UOA said revenue for the quarter rose 42.3% to RM244.67 million from RM171.98 million a year earlier.

Earnings per share was 3.25 sen versus 1.86 sen. No dividend was declared.

Reviewing its performance, UOA said total expenditure for the quarter under review of RM59.3 million comprised mainly administrative and operating expenses of RM36.7 million.

On its prospects, UOA said the total new property sales for the period ended March 31 was approximately RM171.23 million.

It said the property sales for the year were derived, mainly, from South Link Lifestyle Apartments, Sentul Point Suite Apartments and United Point Residence.

“The total unbilled sales as at 31 March 2019 amounted to approximately RM1.40 billion.

“The Group remains its focus on development at targeted geographical locations and continue to assess opportunities for land acquisitions that meet the criteria,” it said.

At the midday break today, UOA rose 2.73% or 6 sen to RM2.26 with 144,800 shares traded.

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