UOA’s 4Q earnings hit by higher costs

By TMR

UOA Development Bhd’s net profit for the fourth quarter (4Q) ended Dec 31, 2018, fell 31% year-on-year to RM136.4 million or 7.4 sen earnings per share due to higher cost pressures and tax exposure.

Revenue for the period rose to RM486.3 million from RM198.4 million in the preceding year’s quarter on progressive recognition of its ongoing development projects — namely the United Point Residence, Sentul Point Suite Apartments and South Link Lifestyle Apartments — and sale of stocks which included one office tower at UOA Business Park.

Revenue for the full year increased to RM1.26 billion from RM1.08 billion in the f inancial year 2017, its exchange filing yesterday noted.

New property sales for the quarter came in at RM1.48 billion, contributed by the ongoing projects, while its total unbilled sales stood at RM1.5 billion.

The group said it will continue to focus on developing targeted geographical locations and assessing opportunities for land acquisitions.

It has declared a 14 sen dividend for the year. — TMR

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