KUALA LUMPUR, Nov 26 — UOA Development Bhd posted a sharply lower net profit of RM33.15 million in the third quarter ended September 30, 2021, from RM208.93 million in the same period last year.

The property investment and development group attributed its lower profit due to higher progressive recognition and RM114 million fair value adjustment on investment properties with the revaluation of UOA Corporate Tower in the preceding year.

Meanwhile, revenue declined 59.4 per cent to RM54.58 million from RM134.34 million due to lower sales from existing projects, it said in a filing with Bursa Malaysia today.

The group said for the period ended September 30, 2021, its total new property sales were approximately RM235.2 million.

Property sales were mainly derived from Aster Green Residence, Goodwood Residence, Sentul Point Suite Apartments, and United Point Residence.

As at June 30, 2021, the total unbilled sales stood at about RM134.1 million.

"The group will continue to explore strategic land development that meets the objective of the group,” UOA noted. — Bernama