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UOA Development posts higher Q2 profit of RM125.1 mln

Last update: 26/08/2019
KUALA LUMPUR, Aug 26 (Bernama) -- UOA Development Bhd posted a net profit of RM125.09 million in the second quarter ended June 30, 2019, up six per cent from the RM118.03 million achieved a year earlier.

Revenue also increased to RM344.33 million from RM304.96 million previously, the property developer said in a filing with Bursa Malaysia today.

It attributed the better results mainly to the progressive recognition of the group’s on-going development projects namely United Point Residence, Sentul Point Suite Apartments, South Link Lifestyle Apartments and sale of stocks.

Total new property sales for the quarter amounted to RM318.8 million, and total unbilled sales as of June 30 totalled RM1.17 billion, the company said.

Meanwhile, its “other income” jumped to RM62.32 million in the quarter under review from RM48.85 million in the corresponding period last year.

For the first half-year, the company's net profit grew 23 per cent year-on-year to RM184.95 million on 23.5 per cent higher revenue of RM589.0 million.

UOA noted that no provision had been made in respect to a disputed tax liability involving two subsidiaries that were served with notices of additional assessment by the Inland Revenue Board for additional income totalling RM25.56 million and penalty of RM14.06 million.

The company is of the view there are strong grounds to challenge the basis and validity of the notices and penalty imposed, and the subsidiaries have filed an appeal.

On its prospects, the group said it remained focused on development at targeted geographical locations and continue to assess opportunities for land acquisitions that met the criteria.


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