UOA Development net profit slips to RM391.28m in FY20

Revenue slipped to RM844.60 million from RM1.10 billion previously, the property developer and construction group said in a filing with Bursa Malaysia today. — Bernama pic
Revenue slipped to RM844.60 million from RM1.10 billion previously, the property developer and construction group said in a filing with Bursa Malaysia today. — Bernama pic

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KUALA LUMPUR, Feb 24 — UOA Development Bhd’s net profit for the financial year ended December 31, 2020 (FY20), dropped slightly to RM391.28 million compared with RM399.47 million recorded in 2019.

Revenue slipped to RM844.60 million from RM1.10 billion previously, the property developer and construction group said in a filing with Bursa Malaysia today.

For the fourth quarter ended December 31, 2020, (Q4 2020), the company posted a net profit of RM34.96 million against RM112.61 million in Q4 2019, while revenue in Q4 2020 declined to RM194.11 million from RM227.02 million in the same period previously.

It said the decline in revenue and net profit in Q4 2020 was mainly attributed to higher progressive recognition from United Point Residence, which is a freehold serviced residence in Kepong, Kuala Lumpur, in Q4 2019.

 On prospects, the group is maintaining its focus on targeted geographical locations while exploring strategic development landbank that meet its objective.

The group’s total unbilled sales as at December 31, 2020, amounted to RM312.3 million. — Bernama

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