UOA Development Q3 profit higher

PETALING JAYA: UOA Development Bhd’s third quarter net profit to Sept 30, 2014 increased 34.44% to RM102.88mil on the back of progressive recognition from the sale of its projects in Desa Green, South View Serviced Apartments, The Vertical Office Suites and the recently-completed Desa Eight and Le Yuan Residence.

Revenue increased 61.98% to RM349.86mil. Earnings per share increased to 7.28 sen from 5.83 sen for the third quarter.

For the nine-month period, net profit was, however, down 16.97% to RM227.72mil on the back of a 16.72% decrease in revenue to RM744.1mil.

For the period, the company’s cash balance was reduced to RM692.05mil from RM762.32mil previously.
On a year-to-date basis, UOA Development recorded new sales of RM1.37bil with contributions from recently-launched projects such as South View Serviced Apartments, Southbank Residence,
 Scenaria@North Kiara Hills and Desa Sentul.

The total unbilled sales as of the period increased from RM1.6bil to about RM1.8bil as at the end of the third quarter.

UOA Development said project launches in Kepong, Jalan Ipoh and Taman Desa had been deferred to 2015 and the first two would be carried out in stages.


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