PETALNG JAYA: UOA Development Bhd’s revenue rose while profits fell slightly on the back of a strong and progressive recognition from its development profits.

Revenue for the third quarter ended Sept 30 rose by close to 14% to RM261.63mil from RM229.57mil in the same quarter a year ago while net profits fell to RM90.36mil from RM110.44mil respectively.

Performance was contributed by the progressive recognition from ongoing development projects such as Southbank Residence, United Point Residence, Sentul Point Suite Apartments, Danau Kota Suite Apartments and the sales from The Vertical Business Suites and Desa Green Serviced Apartments.

The property developer said in the notes to its financial results that the lowered profit was mainly due to the contribution from South View Serviced Apartments which were completed in the immediate preceding quarter.

“The total new property sales for the nine months ended Sept 30 was approximately RM924.2mil.

The total unbilled sales as at Sept 30 amounted to approximately RM1.41bil. The Group will maintain its focus on development in the Greater Kuala Lumpur area and continue to source for opportune development land acquisition at strategic locations,” it said.

It also said that its effective tax rate for the current quarter and for year to date was higher than the statutory tax rate of 24% mainly due to certain expenses being not tax deductible.