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UOA Development 2Q net profit up on progressive recognition of ongoing development projects

 

KUALA LUMPUR (Aug 26): UOA Development Bhd's net profit for the second quarter ended June 30, 2019 (2QFY19) rose 5.98% y-o-y to RM125.09 million from RM118.03 million, mainly due to the progressive recognition of the group's ongoing development projects.

Its quarterly revenue also jumped 12.91% to RM344.33 million from RM304.96 million a year ago.

Reviewing its performance, UOA Development said new property sales for 2QFY19 was approximately RM318.8 million with contributions mainly from projects such as South Link Lifestyle Apartments, Sentul Point Suite Apartments, Desa Green, United Point Residence and other sale of inventories.

The group said total expenditure for the quarter under review of RM53.8 million comprised mainly administrative and operating expenses of RM33.4 million.

It said unbilled sales stood at approximately RM1.17 billion as at June 30, 2019.

For the cumulative six-month period, its net profit jumped 23.05% y-o-y to RM184.95 million from RM150.31 million. While revenue was 23.49% higher at RM589 million compared to RM476.95 million a year ago.

On prospects, the group said it will keep its focus on development at targeted geographical locations and continue to assess opportunities for land acquisitions that meet the criteria.

At the midday break today, UOA Development was unchanged at RM2.07, valuing it at RM4.07 billion. The counter saw some 4,900 shares exchanging hands.

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