UOA Development 3Q net profit rises 34% to RM102.88 million

by **Cals** Wed 26 Nov 2014, 02:46

UOA Development 3Q net profit rises 34% to RM102.88 million

KUALA LUMPUR (Nov 25): UOA Development Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) net profit for the thuird quarter ended Sept 30, 2014 rose 34% to RM102.88 million from RM76.52 million a year earlier, on the back of revenue RM349.9 million compared to RM216 million a year earlier.
For the nine months ended Sept 30, UOA Development’s net profit rose to RM227.72 million from RM274.27 million a year earlier, while revenue dipped to RM744.09 million from RM893.45 million.
In a statement Tuesday, UOA Development said the higher revenue in the third quarter ended Sept 30 was due to the progressive recognition from the sale of Desa Green, South View Serviced Apartments, The Vertical Office Suites and the recently completed Desa Eight and Le Yuan Residence.
UOA Development said it recorded year-to-date new sales of RM1.37 billion with contributions from recently launched projects such as South View Serviced Apartments, Southbank Residence, [email=Scenaria@North]Scenaria@North[/email] Kiara Hills and Desa Sentul.
On its prospects, the company said while there were no new launches in the third quarter of 2014, the sales of existing projects continued to contribute to the total new sales bringing it to approximately RM1.37 billion as at Sept 30.
It said the total new sales were mainly attributable to South View Serviced Apartments, Southbank Residence, Scenaria @ North Kiara Hills and Desa Sentul.
The company said the total unbilled sales as at Sept 30 increased from RM1.6 billion to approximately RM1.8 billion as at the end of the third quarter.
It added that the launch of projects in Kepong, Taman Desa and Jalan Ipoh, which were initially slated to launch in 2014, has been deferred to 2015.
“Due to the scale of the development, the projects in Jalan Ipoh and Kepong will be launched in stages commencing from 2015.
“The group will continue its focus on development in Greater Kuala Lumpur and source for strategic development lands that meet the criteria,” it said.