KUALA LUMPUR (Feb 24): UOA Development Bhd's net profit for the fourth quarter ended Dec 31, 2020 (4QFY20) slumped 68.95% to RM34.96 million, from RM112.61 million a year ago, due to lower recognition from ongoing projects and a fair value loss from the revaluation of its investment properties.

Its quarterly revenue also fell 14.5% to RM194.11 million, from RM227.02 million a year ago, its filing with Bursa Malaysia showed.

The group has recommended a first and final single-tier dividend of 14 sen and a proposed special dividend of one sen for the financial year ended Dec 31, 2020 (FY20), utilising proceeds from the disposal of UOA Corporate Tower.

According to UOA Development, revenue and gross profit for 4QFY19 was higher than that for 4QFY20, thanks to progressive recognition from its United Point Residence project.

Meanwhile, the higher profit in the corresponding quarter of the preceding year was mainly due to the fair value adjustment on investment properties of RM34 million with the revaluation of group's investment properties, as compared to a fair value loss of RM5.2 million taken up in the current quarter, it added.

For the full FY20, the group's net profit slipped 2.05% to RM391.29 million, from RM399.47 million a year earlier, as its revenue declined by 23.53% to RM844.6 million, from RM1.1 billion.

The group said its total new property sales for the period ended Dec 31, 2020 was approximately RM383.61 million.

"The property sales were mainly derived from Aster Green Residence, Goodwood Residence, Sentul Point and United Point Residence," it said.

Meanwhile, its total unbilled sales as at Dec 31, 2020 amounted to approximately RM312.3 million.

The group said it maintains its focus on development at targeted geographical locations while exploring for strategic development lands that met the objective of the group.

At noon break, UOA Development's share price was unchanged at RM1.70, valuing the company at RM3.63 billion.