UOA Development Bhd has recorded more than doubled net profit to RM124.22 million for the first quarter (Q1) ended March 31, 2020, compared with RM59.86 million a year earlier.
Revenue rose to RM375.27 million from RM244.67 million previously, the property development and construction group said.
In a filing with Bursa Malaysia today, it attributed the better performance mainly to the progressive recognition of the group’s ongoing development projects namely United Point Residence in Kepong and South Link Lifestyle Apartments in Bangsar South.
“The higher revenue and profit was mainly due to the contribution from United Point Residence which was completed during the current quarter (Q1),” it said in the report.
Moving forward, it said the group’s total new property sales for the year as at March 31 was about RM114.76 million, with total unbilled sales amounting to about RM640.9 million.
“The group will maintain its focus on development in Greater Kuala Lumpur while continuing to source for strategic development lands that meet the objective of the group,” it added.