Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 26): UOA Development Bhd said on Friday its third quarter net profit dropped 84.13% to RM33.15 million from RM208.93 million a year earlier as revenue fell on lower sales from existing property projects and after the company registered a-year-earlier higher progressive income recognition from real estate development besides a fair value adjustment of RM114 million on investment properties.

In a Bursa Malaysia filing, UOA Development said revenue dropped to RM54.58 million in the third quarter ended Sept 30, 2021 (3QFY21) from RM134.34 million.

"The group’s revenue and profit attributable to the company for the quarter under review were mainly derived from the progressive recognition of the group’s on-going development projects namely Aster Green Residence, Goodwood Residence, Sentul Point Suite Apartments and United Point Residence. The lower revenue and gross profit were mainly due to lower sales from the existing projects.

"The lower profit compared with the corresponding quarter of previous financial year was mainly due to higher progressive recognition and the fair value adjustment on investment properties of RM114 million with the revaluation of UOA Corporate Tower in the preceding year,” UOA Development said.

UOA Development did not declare any dividend for 3QFY21.

For 9MFY21, UOA Development said cumulative net profit dropped to RM123.59 million from RM356.33 million a year earlier while revenue decreased to RM411.04 million from RM650.49 million.

"(On a quarterly basis) The group’s profit before tax (PBT) of RM47.1 million for the current 3QFY21 was lower than the immediate preceding quarter’s (PBT) of RM80.4 million.

"The higher revenue and profit in the preceding quarter was mainly due to higher progressive (income) recognition from South Link Lifestyle Apartments and Goodwood Residence in the preceding quarter,” the company said.

For 3QFY21, UOA Development said its new property sales value was approximately RM235.2 million, mainly, derived from Aster Green Residence, Goodwood Residence, Sentul Point Suite Apartments and United Point Residence.

UOA Development said its unbilled sales as at June 30, 2021 amounted to about RM134.1 million.

"The group will continue to explore strategic development lands that meet the objective of the group,”  UOA Development said.

At 5pm on Friday, UOA Development’s share price closed unchanged at RM1.70, giving the company a market value of about RM3.88 billion based on the group’s 2.28 billion issued shares.

UOA Development’s latest-reported net assets per share stood at RM2.37, according to the company’s quarterly financial report.

Edited ByChong Jin Hun
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