UOA’s 2Q net profit falls 17% to RM45 mil on lower property sales

KUALA LUMPUR (Aug 23): UOA Development Bhd’s net profit slipped 16.6% to RM45.3 million in the second quarter ended June 30, 2022 (2QFY22), from RM54.4 million a year earlier.

Revenue for the quarter under review also fell 44% to RM121.1 million against RM216.3 million previously due to lower sales from existing projects, said the company in a Bursa Malaysia filing on Tuesday (Aug 23).

Its earnings per share was 1.95 sen versus 2.56 sen previously.

For the six months ended June 30, UOA's net profit fell to RM70.69 million from RM90.44 million a year earlier, on the back of lower revenue of RM175.69 million versus RM356.46 million previously.

UOA's revenue and profit were both mainly derived from the progressive recognition of the group’s ongoing development projects, namely The Goodwood Residence, Aster Green Residence, and Laurel Residence, and the sales of stocks mainly from United Point Residence, Sentul Point Suite Apartments and South Link Lifestyle Apartments.

Its total new property sales for the period ended June 30, 2022 was approximately RM250.9 million.

The property sales were mainly derived from Laurel Residence, The Goodwood Residence and United Point Residence.

Meanwhile, its total unbilled sales as at June 30, 2022 amounted to approximately RM123.9 million.

“The group will continue to explore strategic development lands that meet the objectives of the group,” it said.

At 12.30pm, UOA shares fell two sen to RM1.72.