Revenue declined to RM134.33 million in Q3 2020 from RM288.43 million in the corresponding period, it said in a filing with Bursa Malaysia today. — Bernama pic

KUALA LUMPUR, Nov 25 — UOA Development Bhd’s (UOA) net profIt rose to RM208.92 million in the third quarter ended September 30, 2020 (Q3 2020) from RM101.91 million in the same period last year.

However, revenue declined to RM134.33 million in Q3 2020 from RM288.43 million in the corresponding period, it said in a filing with Bursa Malaysia today.

UOA said the group’s revenue and profit were mainly derived from the progressive recognition of the group’s ongoing development projects, namely South Link Lifestyle Apartments and Aster Green Residence.

"The lower revenue and gross profit were mainly due to higher progressive recognition in the corresponding quarter of the previous financial year in respect of United Point Residence and Sentul Point Suite Apartment, and higher sales of stocks,” it said.

Meanwhile, it said the higher profit was mainly due to the fair value adjustment on investment properties of RM114 million with the revaluation of UOA Corporate Tower.

It said the total new property sales for the period ended Sept 30, 2020 was RM234.22 million and the property sales were mainly derived from Aster Green Residence, The Goodwood Residence, United Point Residence and Sentul Point.

On prospects, UOA said the group maintains its focus on development at targeted geographical locations while exploring for strategic development lands that meet the group’s objective. — Bernama