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Thursday, August 25, 2016

UOA earnings soar in Q2

Thursday, 25 August 2016
UOA earnings soar in Q2

PETALING JAYA: UOA Development Bhd’s net profit for its second quarter ended June 30, 2016 jumped 80% to RM124.23mil from RM68.93mil in the previous corresponding period.

This is mainly due to the contribution from its Desa Green serviced apartments that were completed during the quarter.

Revenue in the second quarter, however, dipped to RM294.81mil from RM325.71mil a year earlier.

For the six-month period ended June 30, 2016, UOA Development’s net profit grew to RM220.30mil from RM147.41mil in the previous corresponding period.

Meanwhile, revenue dropped to RM495.98mil from RM639.41mil a year earlier.

On its prospects, the company said it would continue its focus on projects in Greater Kuala Lumpur and source for strategic development land that met its criteria.

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