UOA Development Q3 net profit rises 105%

UOA South Link

KUALA LUMPUR: UOA Development Bhd posted a 105% year-on-year rise in net profit to RM208.9mil for its third quarter ended Sept 30, mainly due to the fair value adjustment of RM114mil with the revaluation of UOA Corporate Tower (UCT) and progressive recognition of on-going projects: South Link Lifestyle Apartments (pic) and Aster Green Residence.

On Sept 28, UOA Development had announced it would be selling UCT to UOA Real Estate Investment Trust for RM700mil cash.

Revenue for the quarter under review dropped 53.4% year-on-year to RM134.34mil, mainly due to higher progressive recognition for United Point Residence and Sentul Point Suite Apartments and higher sales of stocks a year ago.

On a quarter-on-quarter basis, revenue dropped 4.6%.

During the quarter under review, new property sales were RM234.22mil derived from Aster Green Residence, The Goodwood Residence, United Point Residence and Sentul Point. The total unbilled sales as at Sept 30 was RM402.2mil.

For the nine months under review, net profit rose 24.2% year-on-year to RM356.33mil while revenue declined 25.9% to RM650.49mil.

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