UOA’s earnings for Q2 impacted by MCO, CMCO

KUALA LUMPUR: UOA Development Bhd posted a revenue RM140.9 million for the second quarter ended June 30 2020 compared to RM344.3 million same period last year.

Its net profit was lower at RM147.4 million compared to RM184.9 million in the same period last year.

The lower revenue and profit wer mainly due to higher progressive recognition same quarter last year coming from the United Point Residence and Sentul Point and higher sales of stocks.

UOA also faced lower progressive recognition in the current quarter due to the Covid-19 pandemic that put a stop to construction progress during the Movement Control Order (MCO) and Conditional Movement Control Order period (CMCO).

Total expenditure for Q2 was RM42.2 million comprising mainly administrative and operating expenses of RM33.7 million.

New property sales as at June 30 this year stood at RM142.24 million mainly derived from United Point Residence, The Goodwood Residence, Aster Green Residence, Sentul Point and South Link Lifestyle Apartments.

The total unbilled sales amounted to RM577.8 million, the company’s Bursa Malaysia filing showed.

UOA in the filing said it remained focused on development at targeted geographical locations and would continue to explore for opportune development land acquisition.

Source: NST