UOA Development 3Q net profit slides 47%

UOA Development Bhd reported a 47% year-on-year decline in net profit for the third quarter ended September 30, 2023 (3Q23), attributing it to lower quarterly revenue and higher tax expenses.

Net profit dropped to RM50.86 million, compared to RM96.19 million in the same period last year.

Revenue fell by 34.5% to RM107.05 million, while tax expenses more than doubled to RM31.18 million.

For the cumulative nine-month period (9M23), net profit decreased by 3.6% to RM160.83 million, and revenue fell by 14% to RM290.38 million.

UOA Development highlighted total new property sales of about RM461.9 million for 9M23, with unbilled sales totaling RM322.8 million.

The company expressed a commitment to exploring strategic development lands aligned with its objectives. – TMR