KUALA LUMPUR: UOA Development Bhd's net profit fell by 16.6 per cent to RM45.30 million in the second quarter ended June 30, 2022 from RM54.35 million recorded last year, mainly due to lower sales from the existing projects.

In a filing with Bursa Malaysia today, the property developer said its revenue also decreased to RM121.11 million from RM216.28 million previously.

It said the group's revenue and profit for the quarter under review were mainly derived from the progressive recognition of its on-going development projects, namely The Goodwood Residence, Aster Green Residence, and Laurel Residence, and from inventory sales from United Point Residence, Sentul Point Suite Apartments and South Link lifestyle apartments.

New property sales for the period ended June 30, 2022 totalled about RM250.9 million from Laurel Residence, The Goodwood Residence and United Point Residence while total unbilled sales amounted to about  RM123.9 million, UOA said.

The group will continue to explore strategic development lands that meet the group's objectives, it added.