KUALA LUMPUR (Feb 25): UOA Development Bhd's net profit for the fourth quarter ended Dec 31, 2018 (4Q18) fell 31% year-on-year (y-o-y) to RM136.45 million from RM197.8 million, on the back of progressive recognition of its ongoing developments.

Quarterly revenue grew 145.1% to RM486.35 million, from RM189.49 million a year ago.

UOA Development's full-year (FY18) net profit fell 25% to RM378.92 million, from RM506.6 million in FY17.

FY18 revenue rose 17.2% to RM1.26 billion, from RM1.08 billion a year ago.

In a separate statement, the group attributed its results to the progressive recognition of its ongoing development projects, specifically United Point Residence, Sentul Point Suite Apartments, South Link Lifestyle Apartments and sale of stocks.

"The total new property sales for the period ended Dec 31, 2018 was approximately RM1.48 billion. The property sales for the year were derived, mainly, from South Link Lifestyle Apartments, United Point Residence, office tower at UOA Business Park and Sentul Point Suite Apartments.

"The total unbilled sales as at Dec 31, 2018 amounted to approximately RM1.5 billion. The group [will keep] its focus on development at targeted geographical locations and continue to assess opportunities for land acquisitions that meet the criteria," the group said.

Shares of UOA Development were not traded today. The counter last traded at RM2.30 on Feb 22.