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Wednesday, November 23, 2016

UOA Development's 3Q net profit falls 30.3% to RM110.4m

By Wong Ee Lin / theedgemarkets.com | November 23, 2016 : 2:12 PM MYT

KUALA LUMPUR (Nov 23): UOA Development Bhd's net profit fell 30.34% to RM110.44 million or 6.85 sen a share in its third quarter ended Sept 30, 2016 (3QFY16), from RM158.54 million or 10.52 sen a share a year ago, mainly on marketing expenses, as well as administrative and operating expenses.

In a filling with Bursa Malaysia today, UOA Development said its revenue also declined 53.36% to RM229.57 million in 3QFY16, from RM492.18 million a year ago.

“Revenue for the quarter ended 30 September 2016 was lower at RM229.6 million, from RM492.2 million, on a year-on-year basis.

“The revenue was mainly driven by the progressive recognition of the group’s on-going development projects namely Desa Green Serviced Apartments, South View Serviced Apartments, Southbank Residence, Sentul Village, The Vertical Office Suites and Corporate Towers,” UOA Development said.

For the cumulative nine-months period ended Sept 30, 2016 (9MFY16), its net profit was up 8.11% to RM330.75 million or 21.32 sen per share, against RM305.95 million or 21.01 sen per share in the same period last year.

9MFY16 revenue howeverm fell by 35.88% to RM725.55 millio,n compared with RM1.13 billion a year earlier.

Going forward, the group said it will continue its focus on development within Greater Kuala Lumpur, and continue assessing opportunities for land acquisitions that meet the criteria.

In a separate filling to Bursa Malaysia today, the board has approved incorporation of RM55.55 million revaluation surplus to ascertain the current market value of the group's investment properties.

The revaluations on the properties are on Block 8 at UOA Business Park and the Carpark at Vertical Corporate Tower.

“The revaluation surplus will increase the net assets of UOA by RM49.77 million, net of tax. This will increase the net assets per share of the group by RM0.03,” it said.

At noon break, UOA Development was up two sen or 0.84% at RM2.39, for a market capitalisation of RM3.92 billion.

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