UOA net profit up on higher property sales

PETALING JAYA: UOA Development Bhd’s net profit for its third quarter ended Sept 30, jumped 54% to RM158.5mil compared with RM102.9mil in the same period last year due to higher sales from its property projects.

Revenue for the period rose 41% to RM492.2mil from RM349.9mil a year ago.

For its nine months to-date, earnings rose 34% to RM305.9mil from RM227.7mil a year ago while revenue shot up 61% to RM1.23bil from RM774mil the same period last year.

In a statement, the property developer said the higher revenue was from the sales of Desa Green, South View Serviced Apartments, The Vertical Corporate Tower, Scenaria@North Kiara Hills, Southbank Residence, Desa Sentul and the recently completed The Vertical Office.

UOA recorded year-to-date new property sales of RM708mil with contributions from projects such as South View Serviced Apartments, Southbank Residence, Scenaria@North Kiara Hills, Desa Sentul, The Vertical Office Suites, The Vertical Corporate Tower and Suria@North Kiara. Unbilled sales stood at about RM1.5bil as of Sept 30.

While there was no major project launch in the third quarter of 2015, the property sales continued to improve from sale of existing projects, bringing the nine months to-date total property sales to about RM708.4mil.

Apart from Suria @ North Kiara, the third quarter property sales were mainly from the existing projects including Southbank Residence and Scenaria @ North Kiara Hills, which is expected to complete in 2015.

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