KUALA LUMPUR (Aug 26): UOA Development Bhd’s net profit fell 81.5% to RM23.18 million for the second quarter ended June 30, 2020 (2QFY20) compared to RM125.09 million a year ago as it was affected by the movement control order (MCO).
On a quarterly basis, net profit also fell by a similar percentage from RM124.22 million in 1QFY20.
Revenue dropped 62% to RM140.88 million from RM375.27 million in 1QFY20, while year-on-year it fell 59%.
In a statement today, UOA attributed the lower revenue largely to lower progressive recognition in the current quarter due to the Covid-19 pandemic that halted the construction progress during the MCO and conditional MCO period.
It said the group’s total new property sales as at June 30, 2020 was approximately RM142.24 million, while total unbilled sales amounted to approximately RM577.8 million.
For the cumulative six-month period, net profit fell 20% to RM147.4 million compared to RM184.95 million in the previous year, while revenue also fell 12% to RM516.15 million versus RM589 million a year ago.
Looking ahead, UOA said the group’s strategy remains focused on development at targeted geographical locations and will continue to explore opportune development land acquisition.
Shares of UOA were unchanged at RM1.68, giving it a market capitalisation of RM3.53 billion.
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