KUALA LUMPUR (Nov 25): UOA Development Bhd’s net profit for the third quarter ended Sept 30, 2020 (3QFY20) more than doubled to RM208.93 million from RM101.91 million a year ago.

The group said the higher profit was mainly due to a fair value (FV) adjustment to investment properties of RM114 million with the revaluation of UOA Corporate Tower.

Revenue fell 53.43% to RM134.34 million, from RM288.44 million for 3QFY19, the group said in a filing with Bursa Malaysia.

On a quarter-on-quarter basis, the group’s net profit jumped ninefold from RM23.18 million for 2QFY20, while its revenue slipped 4.65% from RM140.88 million.

The group said revenue and profit attributable to the company for the quarter were mainly derived from progressive recognition of its ongoing development projects, namely South Link Lifestyle Apartments and Aster Green Residence.

The lower revenue was mainly due to higher progressive recognition in 3QFY19 in respect of United Point Residence and Sentul Point Suite Apartments and higher sales of stocks, it said.

For the nine months ended Sept 30, 2020 (9MFY20), UOA Development’s net profit rose 24.22% to RM356.33 million, from RM286.86 million a year earlier, while its revenue fell 25.86% to RM650.49 million from RM877.44 million.  

The group said total new property sales for the period ended Sept 30, 2020 was RM234.22 million.

It said the property sales were mainly derived from Aster Green Residence, The Goodwood Residence, United Point Residence and Sentul Point.

Meanwhile, total unbilled sales as at Sept 30, 2020 amounted to RM402.2 million.

“The group maintains its focus on developments in targeted geographical locations while exploring strategic development land that meets the objectives of the group,” the group said.

At 3.15pm, UOA Development’s share price was up five sen or 3.18% at RM1.62, valuing the group at RM3.44 billion.

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