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UOA Development 3Q net profit up 11%, eyes land acquisitions

KUALA LUMPUR (Nov 26): Property developer UOA Development Bhd posted a 10.6% increase in its net profit to RM101.91 million for the third quarter ended Sept 30, 2019 (3QFY19), from RM92.16 million a year earlier, supported by ongoing projects.

As a result, its earnings per share was higher at 5.28 sen for 3QFY19 compared with 5.07 sen for 3QFY18.

However, revenue for the quarter was 4% lower at RM288.44 million versus RM300.38 million a year earlier.

In a statement today, UOA Development said new property sales for 3QFY19 were RM583.3 million, with contributions mainly from projects such as Sentul Point Suite Apartments, South Link Lifestyle Apartments, Goodwood Residence, Desa Green, Southbank, United Point Residence and the sales of completed offices and residential units.

Unbilled sales stood at RM1.05 billion as at Sept 30, it added.

For the cumulative nine months (9MFY19), the group's net profit rose 18.3% to RM286.86 million from RM242.47 million a year ago, while revenue was up 12.9% to RM877.44 million from RM777.33 million.

Going forward, UOA Development said the group’s strategy remains focused on development at targeted geographical locations and will continue to explore for opportune development land acquisitions.

UOA Development shares were down two sen or 1.04% to RM1.91 in morning trade, giving it a market capitalisation of RM3.76 billion.

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