Friday 29 Mar 2024
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KUALA LUMPUR (Aug 20): Property developer UOA Development Bhd’s net profit dropped to RM68.93 million in its second quarter ended June 30, 2015 (2QFY15), from RM80.19 million a year earlier, mainly on higher taxes and minority interest.

In a filing with Bursa Malaysia today, UOA (fundamental: 3; valuation: 3) said the absence of property revaluation gains had also curbed bottom line. The company, however, registered higher revenue of RM325.71 million, versus RM216.26 million.
 
Cumulative 1HFY15 net profit rose to RM147.41 million, from RM124.84 million in the corresponding period last year, while revenue grew to RM639.41 million, from RM394.24 million.

“UOA recorded year-to-date new property sales of RM504 million with contributions from projects such as South View Serviced Apartments, Southbank Residence, Scenaria@North Kiara Hills, Desa Sentul, The Vertical Office Suites and The Vertical Corporate Tower.

“New property sales are expected to continue to improve in the second half of the financial year, arising from targeted project launches. Unbilled sales stood at approximately RM1.8 billion as at June 30, 2015,” UOA added.

During 2QFY15, UOA's income statement showed the company's profit before tax rose to RM109.2 million, from RM103.38 million a year earlier.

Taxes were higher at RM27.08 million, as compared to RM19.04 million; while minority interest climbed to RM13.2 million, from RM4.15 million.

A year earlier, UOA registered property revaluation gains of RM38.99 million.

At 12.30pm today, UOA shares rose three sen or 1.6% to settle at RM1.89, giving the company a market capitalisation of RM2.87 billion. The stock saw just 100 shares traded.

UOA's latest closing share price of RM1.86 compares with its latest reported net assets per share of RM1.90.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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