UOA Development 1H net profit falls 37% to RM124.8 mil

by **Cals** Tue 26 Aug 2014, 23:22

Business & Markets 2014

Written by Liew Jia Teng of theedgemalaysia.com

Tuesday, 26 August 2014 18:08

KUALA LUMPUR (Aug 26): UOA Development Bhd saw its net profit grow a marginal 2% to RM80.19 million in the second quarter ended June 30, 2014 (2Q FY14), up from RM78.599 million a year ago, helped by revaluation gains that offset impact from reduced revenue.

In a filing with Bursa Malaysia today, the property firm said its revenue declined 25.8% to RM219.26 million during the quarter in review, from RM295.6 million in 2Q13, where there was higher contribution from the sale of completed properties, mainly Binjai 8 and a boutique office tower in The Horizon Bangsar South.

For the six months period, UOA Development’s net profit dropped 37% to RM124.84 million, down from RM197.74 million a year before. The group’s revenue also decreased 41.8% to RM394.24 million, from RM677.46 million.

Currently, UOA Development’s revenue and profit were mainly derived from the progressive recognition of the group’s on-going development projects, namely Desa Green, Le Yuan Residence, Vertical Office Suites, Scenaria @ North Kiara Hills, South View Serviced Apartments, as well as the sales of inventories at Menara UOA Bangsar.

According to the firm, the total new sales achieved in the first half of 2014 was RM697.9 million, with recently-launched projects such as South View Serviced Apartments and SouthBank Residence being the major contributors.

UOA Development has total unbilled sales of about RM1.6 billion as at June 30, 2014.