UOA Q2 earnings up 33.3% to RM165.65mil - Business News

KUALA LUMPUR: UOA Development Bhd's earnings for the second quarter ended June 30, 2017, rose RM41.42mil or 33.3% to RM165.65mil, attributed mainly to progressive recognition of the company's development projects and driven by contribution from South View Serviced Apartments, which were completed during the current quarter.

Revenue for the quarter under review was RM465.6 mil, a 57.9% increase over the corresponding quarter in the preceding year. Earnings per share stood at 10.15 sen, up from 8.17 sen in the previous corresponding quarter.

However, year to date, UOA has posted a 5% decline in net profit to RM209.02mil compared to the first six months of last year, mainly due to higher cost of sales. Revenue for the first half of this year was RM620.69 mil, up from RM495.98 mil in the year-ago period.

New property sales for the current quarter came in at approximately RM613mil with contributions mainly from projects such as Sentul Point Suite Apartments and United Point Residence.

According to its filing with Bursa Malaysia on Wednesday, the company's total unbilled sales as at June 30, 2017, stood at approximately RM1.39 billion.

"The group will maintain its focus on development in Greater Kuala Lumpur and continue to source for strategic development lands that meet the objective of the Group," it said

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