UOA Development posts RM71.4m net profit in Q4, dividend 12 sen

Its revenue rose 24.5% to RM171.28mil from RM137.47mil a year ago. Its earnings per share were 5.62 sen compared with 11.66 sen.

UOA Development recommended a first and final single tier dividend of 12 sen per ordinary share of 5.0 sen each for FY ended Dec 31, 2012.

BUY, TP rm2.07

• Results within expectations.
• Robust sales of RM1.7b recorded in FY12
• Unbilled sales increased from RM618m as at end-FY11 to RM713m at end-FY12

http://klse.i3investor.com/files/my/ptres/res13837.pdf

First and final single tier dividend of 12.00 sen per ordinary share

EX-date 05/07/2013
Entitlement date 09/07/2013
Payment date 06/08/2013

UOA Development Q2 earnings at RM78.60mil

UOA Development Bhd reported net profit of RM78.60mil in the second quarter ended June 30, 2013, a decline of nearly 25.1% from the RM111.83mil a year ago due to the absence of fair valuation gain in the quarter under review.

It said on Tuesday its revenue rose 50% to RM295.60mil from RM197.46mil while earnings per share were 6.19 sen compared with 8.78 sen.

"Profit before tax for Q2, 2013 was approximately 8% lower at RM125.34mil compared to the corresponding quarter in the preceding year due to the absence of fair valuation gain in the quarter under review," it explained.

For the first half ended June 30, 2013, its earnings rose 35.5% to RM197.74mil from RM145.92mil in the previous corresponding period. Its revenue rose 96% to RM677.46mil from RM345.53mil.

"Sales amounted to RM1.34bil for the first half of 2013 with strong sales contribution by completed projects - The Horizon in Bangsar South and Binjai 8 in Kuala Lumpur city centre, and recently launched projects - Desa Green in Taman Desa and Scenaria in North Kiara Hills," it said.

It recorded an increase in cash and cash equivalent to RM809mil as at June 30, 2013 which would allow for potential future land acquisition and development.

UOA Development said it expected to launch more development projects including The Vertical Office Suites, Phase 2 and South View Serviced Apartments in Bangsar South in the second half of 2013.

"Construction works for its recently acquired 28 acre land near Jalan Ipoh with a preliminary estimated gross development value (GDV) of RM3bil are also expected to commence in 2014," it said.

UOA denies merger rumour

UOA Development Bhd has clarified that it is not aware of any on-going negotiations to merge the company with Johor-based property developer Focal Aims Holdings Bhd.

The clarification is in response to a news report which indicates there is talk that UOA may merge with Focal Aims. According to the report, if the deal materialises, it could see the emergence of a mega property company with a gross development value of at least RM45 billion.

UOA told Bursa Malaysia : "The company and its controlling shareholders wish to clarify that they are not aware of any on-going negotiations as reported in the said publication.

"The company remains committed to its medium to long-term plan - focusing on its core development activities and delivering a sustainable and strong financial performance to our shareholders".

UOA sells Bangsar South property for RM72.5m

UOA Development Bhd announced today that one of its units, Paramount Properties Sdn Bhd, has entered into an agreement with Marak Moden Sdn Bhd to sell a 12-storey office building for RM 72.54 million.

The current book value of the property is RM22.89 million and the sale is expected to generate an estimated gain of RM48.21 million.

The property is located at Avenue 3, Bangsar South, Kuala Lumpur.

In its statement to Bursa Malaysia, the company said, “Due to the rapid expansion of UOA Group, the property is no longer sufficient to meet the group’s requirements,”.

“The proposed disposal is expected to contribute to the earnings of the company,” it adds.