KUALA LUMPUR (May 30): UOA Development Bhd’s net profit fell 29.66% to RM25.38 million for the first quarter ended March 31, 2022, from RM36.09 million a year earlier, on lower sales from its existing projects.

The lower sales also resulted in revenue dropping 61.06% to RM54.58 million from RM140.17 million, the property developer said in a bourse filing. 

The group said the revenue and profit were mainly derived from progressive recognition of the group’s development projects, namely Aster Green Residence, The Goodwood Residence, and Laurel Residence, and the sales of stocks, namely United Point Residence, South Link Lifestyle Apartments and Sentul Point Suite Apartments. 

The group said its total new property sales for the period ended March 31 was RM102.9 million and these were mainly derived from Laurel Residence, The Goodwood Residence and United Point Residence. 

Meanwhile, total unbilled sales amounted to RM122.9 million. 

“The group will continue to explore strategic development lands that meet the objectives of the group,” the property developer said. 

UOA Development’s shares closed unchanged at RM1.90 on Monday (May 30), with some 693,900 shares done. The company has a market value of RM4.42 billion.