UOA’s 2Q earnings rise on ongoing property projects

UOA Development Bhd earnings and revenue rose by 33.3% and 57.9% respectively for its second-quarter ended June 30, 2017 (2Q17), largely attributable to the progressive recognition from its development projects.

In an exchange filing yesterday, the property developer brought in RM165.65 million in net profit in 2Q compared to RM124.22 million in 2Q16, while turnover improved to RM465.61 million from RM294.81 million in 2Q16 on progressive recognition from its South View Serviced Apartments, United Point Residence, Desa Sentul, Southbank Residence and Sentul Point Suite Apartments projects.

The group sold some RM613 million in new properties in 2Q and holds RM1.39 billion in unbilled sales. UOA noted it will maintain its focus on development in Greater Kuala Lumpur, while sourcing for strategic development lands in line with group objectives.