Thursday, 24 May 2018

(NST) UOA Development's Q1 profit falls on lower margins

KUALA LUMPUR: UOA Development Bhd’s net profit fell by 41.6 per cent, year-on-year, to RM33.81 million for the first quarter ended March 31, 2018, due mainly to lower profit margins.

Revenue, however, grew 11.2 per cent to RM171.99 million from a year earlier, the property developer said in a filing with Bursa Malaysia today.

The revenue and profit were mainly derived from the progressive recognition of the group’s ongoing projects -- United Point Residence, Sentul Point Suite Apartments, and South Link Lifestyle Apartments -- and sale of completed units at Desa Green Serviced Apartments.

UOA said the group's total unbilled sales as at March 31 amounted to about RM1.64 billion.

Moving forward, it will remain focused on development at targeted locations and continue to explore opportune development land acquisitions.