UOA 1Q net profit triples to RM119.14 million

Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Wednesday, 15 May 2013 13:52
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KUALA LUMPUR (May 15): UOA Development Bhd's first quarter net
profit almost tripled from a year earlier on substantially higher revenue.
Bottom line was also helped by property revaluation and disposal gains.
In a statement to the exchange, UOA said it posted a net profit of
RM119.14 million in the quarter ended March 31, 2013 (1QFY13)
versus RM40.95 million previously.
Net profit for 1QFY13 had included a property revaluation gain of
RM4.23 million. "The disposal of the group’s inventories at Bangsar
South, Binjai 8 and Kepong Business Park during the quarter under
review also contributed to the increase in revenue and profits," UOA
said.
The company’s revenue more than doubled to RM381.86 million from
RM148.08 million.
Looking ahead, UOA said it plans to launch its residential development
"South View Residence" in the second half of 2HFY13.
UOA said the launch pipeline for the year is expected to generate strong
sales for the company. Total unbilled sales as at 1QFY13 came in at
some RM1.1 billion.
"The group will continue its focus on development in Greater Kuala
Lumpur and source for strategic development land that meet our
criteria," UOA said