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Saturday, August 27, 2011

Demand for residential properties boosts UOA Q2 net profit

PETALING JAYA: UOA Development Bhd saw its net profit for the second quarter ended June 30 grew to RM60mil, which represented an increase of 44.6% from the RM42mil recorded in the preceding quarter.

The property development company had earlier told Bursa Malaysia that its revenue in the quarter had grown 18.9% quarter-on-quarter to RM173.33mil. Residential segment contributed most to the company's total revenue during the quarter in review at 59%, or approximately RM101mil, compared with the 25% contribution (or approximately RM36mil) in the first quarter.

“This is in line with UOA's increasing focus to meet the growing demand for residential properties in the Klang Valley,” the company said in a statement.

Going forward, UOA would continue to actively address the growing demand for commercial and residential properties with the development of its land bank that constituted a saleable area of over 1.4 million sq m, including its flagship project, Bangsar South, and other upcoming developments in key locations such as Taman Desa, Sri Petaling, Segambut and Glenmarie that would form a basis for its growth over the next five to seven years.

The company said it would capitalise on its strong balance sheet and continue scouting strategic development lands, while maintaining a focus on strategic locations within the Greater Kuala Lumpur.

By The Star

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