PETALING JAYA: UOA Development Bhd reported a 6% increase in net profit to RM125.09 million for the second quarter ended June 30, 2019 compared with RM118.03 million in the same quarter of the previous year, due to progressive recognition from ongoing development projects and sales of completed offices and residential units.
It recorded a revenue of RM344.33 million for the quarter, a 12.9% rise from RM118.03 million previously.
For the first half of the year, UOA’s net profit grew 23% to RM184.95 million from RM150.31 million in the same period a year ago, while revenue was up 23.5% to RM589.0 million from RM476.95 million.
According to the group’s filing with Bursa Malaysia, its total new property sales as at June 30, 2019 was approximately RM318.80 million, while total unbilled stood at RM1.17 billion.
On its prospects, UOA said that it will focus on development at targeted geographical locations and continue to assess opportunities for land acquisitions that meet the criteria.
At the midday break, the stock was unchanged at RM2.07 on 4,900 shares done.
