UOA Q2 net profit down 14%

PETALING JAYA: Property developer UOA Development Bhd (UOA) saw its net profit for the second quarter (Q2) ended June 30, 2015 fall 14% to RM68.9 million, compared with RM80.2 million previously, due to the absence of fair value adjustment during the quarter.
Revenue for the quarter, however, increased by 49% to RM325.7 million from RM219.3 million in the previous corresponding quarter.
In a filing with Bursa Malaysia yesterday the company said the higher revenue was driven by the progressive recognition from the sale of Desa Green, South View Serviced Apartments, The Vertical Office Suites, The Vertical Corporate Tower, Scenaria@North Kiara Hills, Southbank Residence and Desa Sentul.
For the six months period, its net profit was up to RM147.41 million from RM124.84 million last year, while its revenue also increased by 62% to RM639.41 million, against RM394.24 million previously.