KUALA LUMPUR: UOA Development Bhd's net profit fell 30% to RM110.44 million in its third quarter ended Sept 30, 2016 (3QFY16), from RM158.54 million a year ago, as revenue fell 53%.

Revenue fell to RM229.57 million from RM492.18 million a year ago, its bourse filing today showed.

“The revenue was mainly driven by the progressive recognition of the group’s on-going development projects namely Desa Green Serviced Apartments, South View Serviced Apartments, Southbank Residence, Sentul Village, The Vertical Office Suites and Corporate Towers,” UOA Development said.
  
For the cumulative nine-month period (9MFY16), its net profit was up 8% at RM330.75 million, against RM305.95 million in the same period last year, though revenue was down 36% at RM725.55 million against RM1.13 billion previously.

The improved cumulative earnings was mainly because cost of sales halved to RM311.16 million, while other income rose 12% to RM121.55 million, while expenses (administrative, general and other) declined. 

Going forward, the group said it will continue its focus on development within Greater Kuala Lumpur, and continue assessing opportunities for land acquisitions that meet the criteria.

Its unbilled sales as at Sept 30 was about RM1.51 billion.
 
UOA Development settled unchanged at RM2.37 yesterday, for a market capitalisation of RM3.87 billion.