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UOA Development's 2Q profit more than doubles to RM54.35m on progressive recognition of ongoing projects

KUALA LUMPUR (Aug 26): UOA Development Bhd's net profit for the second quarter ended June 30, 2021 (2QFY21) more than doubled to RM54.35 million, from RM23.18 million a year ago, underpinned by the progressive recognition of its ongoing development projects.

Its quarterly revenue also rose 53.52% to RM216.28 million, from RM140.88 million a year ago, according to the company's filing with Bursa Malaysia.

The group said that the higher revenue and profit after tax and minority interests were attributed mainly to the progressive recognition of the ongoing development projects, namely South Link Lifestyle Apartments, The Goodwood Residence, Sentul Point Suite Apartments and Aster Green Residence.

The higher revenue in the current quarter was a result of higher progressive recognition from the completion of South Link Lifestyle Apartments compared with in the same quarter of the previous year, it added.

For the first half ended June 30, 2021, the group's cumulative net profit fell 38.64% to RM90.44 million from RM147.4 million a year earlier while its revenue slipped 30.94% to RM356.46 million from RM516.15 million.

The group did not declare any dividend for the latest quarter.

According to the group, its total new property sales for the period ended June 30, 2021 were approximately RM197.6 million, which were mainly derived from Goodwood Residence, Sentul Point, Aster Green Residence and United Point Residence.

Meanwhile, the total unbilled sales as at June 30, 2021 amounted to approximately RM101.3 million.

"The group will continue to explore strategic development lands that meet the objective of the group," it said.

At noon break, UOA Development was unchanged at RM1.62, valuing the group at RM3.75 billion.

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