United Overseas Australia Ltd (ASX: $UOS) subsidiary, UOA Development Bhd, has released its financial results for the first quarter ended 31 March 2024. The company reported a revenue of RM70.3 million, down from RM85.2 million in the corresponding quarter of the previous year. The profit after tax after minority interests for the quarter was RM49.7 million, compared to RM46.1 million in the same period of the preceding year.
The revenue and profit after tax after minority interests for the first quarter of 2024 were mainly attributed to the progressive recognition of the on-going development projects, namely Laurel Residence and Aster Hill. New property sales for the period were approximately RM120.9 million, derived mainly from Aster Hill, Duo Tower, and Laurel Residence. The total unbilled sales as at 31 March 2024 amounted to approximately RM311.7 million.
UOA Development Bhd's first quarter 2024 financial results reflect a decrease in revenue compared to the corresponding quarter of the previous year. The company's profit after tax after minority interests showed a modest increase. The revenue and profit were primarily driven by the progressive recognition of on-going development projects and new property sales. Looking ahead, UOA Development Bhd aims to continue exploring strategic development lands that meet the objectives of the group, with a focus on medium to high-end residential and commercial properties.