UOA Development 1Q profit more than doubles on higher income from ongoing developments

KUALA LUMPUR (June 29): UOA Development Bhd’s first quarter ended March 31, 2020 (1QFY20) net profit more than doubled to RM124.22 million, from RM59.86 million a year earlier, on the back of higher revenue.

According to a bourse filing, the developer said its earnings grew following the progressive recognition of ongoing development projects, namely the United Point Residence and Link Lifestyle Apartments. In particular, the higher bottom-line figures were mainly derived from the United Point Residence, which was completed during the quarter.

Earnings per share for the quarter came in higher at 6.32 sen, from 3.25 sen previously.

Quarterly revenue was up by 53.37% year-on-year at RM375.27 million, from RM244.67 million last year.

On its prospects, the group said total new property sales as of March 31 stood at RM114.76 million, mainly from the United Point Residence, The Goodwood Residence, Aster Green Residence, Sentul South Link Lifestyle Apartments developments.

Meanwhile, total unbilled sales stood at RM640.9 million.

“The group will maintain its focus on development in Greater Kuala Lumpur while continuing to source for strategic development lands that meet the objective of the group,” it said on its prospects.

Shares in UOA Development were unchanged at RM1.75 at noon market close, valuing the group at some RM3.44 billion. It saw 61,900 shares done.

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