Higher 3Q earnings for UOA Devt on revaluation of corporate tower

UOA Business Park

KUALA LUMPUR: UOA Development Bhd recorded a net profit of RM208.93mil in the third quarter ended Sept 30,2020, more than double RM101.91mil in the previous corresponding quarter on the back of a fair value adjustment of UOA Corporate Tower.

The property developer said in a statement that the higher profit was mainly due to the fair value adjustment on investment properties of RM114mil with the revaluation of UOA Corporate Tower.

On Sept 28, a subsidiary of the group entered into a conditional sales and purchase agreement with the trustee of UOA Real Estate Investment Trust for the disposal of the tower for RM700mil cash, which led to a restatement of value.

Revenue for the quarter under review was RM134.34mil, less than half RM288.44mil recorded in the same quarter last year due to the higher progressive recognition of United Point Residence and Sentul Point Suite Apartments in the previous year.

Over the three quarters to Sept 30, group revenue came to RM650.9mil, which was 25.9% lower than in the previous-year period.

Profit after tax after minority interest in the nine-month period was RM356.33mil or 24.2% higher compared to the same period last year.

New property sales for the year ended Sept 30 was about RM234.2mil, mainly derived from Aster Green Residence, The Goodwood Residence, United Point Residence and Sentul Point.

Total unbilled sales stood at RM402.2bil as at Sept 30.

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