KUALA LUMPUR: UOA Development Bhd
posted a 105% year-on-year rise in net profit to RM208.9mil for its third quarter ended Sept 30, mainly due to the fair value adjustment of RM114mil with the revaluation of UOA Corporate Tower (UCT) and progressive recognition of on-going projects: South Link Lifestyle Apartments (pic) and Aster Green Residence.
On Sept 28, UOA Development had announced it would be selling UCT to UOA Real Estate Investment Trust for RM700mil cash.
Revenue for the quarter under review dropped 53.4% year-on-year to RM134.34mil, mainly due to higher progressive recognition for United Point Residence and Sentul Point Suite Apartments and higher sales of stocks a year ago.
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