KUALA LUMPUR: UOA Development Bhd’s net profit for the second quarter ended June 30, 2019 rose 5.98% to RM125.09 million, from RM118.03 million a year ago, mainly due to the progressive recognition of the group’s ongoing development projects. Revenue increased 12.91% to RM344.33 million from RM304.96 million.

Reviewing its performance, UOA Development said new property sales during the quarter totalled RM318.8 million, with contributions mainly from projects such as South Link Lifestyle Apartments, Sentul Point Suite Apartments, Desa Green, United Point Residence and other sale of inventories.

The group said total expenditure for the quarter of RM53.8 million comprised mainly administrative and operating expenses of RM33.4 million.

It said unbilled sales stood at about RM1.17 billion as at June 30, 2019.

For the cumulative six-month period, net profit jumped 23.05% to RM184.95 million from RM150.31 million in the previous corresponding period, while revenue rose 23.49% to RM589 million from RM476.95 million.

On prospects, the group said it will keep its focus on development at targeted geographical locations and continue to assess opportunities for land acquisitions that meet the criteria.