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Monday, June 6, 2011

UOA Development posts RM130m net profit in 1Q (Edge)

UOA Development Bhd, which will be listed on Wednesday, June 8, posted net profit of RM130 million in the first quarter ended March 31, 2011.

It said on Monday, June 6 that its revenue was RM145.7 million and profit before tax of RM155.7 million. The current period profit after tax was arrived at after expensing RM21.9 million for administrative and general expenses and RM22.1 million for tax expense.

“Total expenditure for the quarter under review of RM21.9 million comprises marketing expenses of RM10.2 million, property maintenance expenses of RM1.7 million, finance costs of RM0.7 million and administrative and operating expenses of RM9.3 million,” it said.

UOA Development said the group’s profit and revenue were mainly derived from progressive recognition from on-going development projects which include The Horizon Phase II, Kepong Business Park and Binjai 8, and sales of inventories.

“During the quarter, the Group also recognised fair value gains amounting to RM92.3 million due to the completion of Blocks 3 and 4 of The Horizon Phase II which are held as investment PROPERTIES [],” it said.

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