KUALA LUMPUR (Nov 23): UOA Development Bhd reported a 54.1% net profit rise in its third quarter ended Sept 30, 2015 (3QFY15) to RM158.54 million or 10.52 sen a share, largely due to the progressive recognition of the group’s ongoing development projects.

In the same period last year, the group recorded a net profit of RM102.88 million or 7.28 sen a share, its filing today on Bursa Malaysa showed.

Its revenue for the latest quarter also shot up 40.7% to RM492.18 million, from RM349.86 million in 3QFY14, due to the same reason that pulled up its earnings.

UOA said the progressive recognition of the group’s ongoing development projects came from Desa Green, Scenaria @ North Kiara Hills, South View Serviced Apartments, Southbank Residence, Desa Sentul, The Vertical Corporate Tower and the recently-completed Vertical Office Suites.

For the nine months ended Sept 30, 2015 (9MFY15), the group reported a 34.4% increase in net profit to RM305.95 million or 21.01 sen a share, from RM227.72 million or 16.69 sen a share a year ago. Revenue for 9MFY15 also increased by 52.1% to RM1.13 billion, from RM744.1 million a year ago.

While there was no major project launched in the third quarter of 2015, its property sales continued to improve from sale of existing projects, bringing the nine-month ended Sept 30, 2015's total property sales to approximately RM708.4 million.

“Apart from Suria @ North Kiara where the sale commenced in the third quarter 2015, the third quarter property sales were mainly from the existing projects, including Southbank Residence and Scenaria @ North Kiara Hills, which is expected to complete in 2015,” said UOA.

The group added that its total unbilled sales as at Sept 30, 2015 stood at approximately RM1.5 billion.

On its future plans, the group said it will continue its focus on development in the greater Kuala Lumpur and source for strategic development lands that meet its criteria.

UOA Development shares were down 1 sen or 0.47% today to close at RM2.12, for a market capitalisation of RM3.24 billion.

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