KUALA LUMPUR (May 28): UOA Development Bhd’s (KL:UOADEV) net profit for the first quarter ended March 31, 2024 (1QFY2024) rose 7.8% to RM49.7 million versus RM46.1 million a year ago, despite lower revenue.

Year-on-year (y-o-y) quarterly net profit growth remained positive, despite a 17.6% drop in revenue to RM70.25 million in 1QFY2024, as compared to RM85.24 million a year earlier, thanks to an increase in other income logged.

The group registered a 20% or RM14.94 million increase in other income to RM89.55 million, from RM74.6 million previously (1QFY2023), according to the property developer’s bourse filing on Tuesday.

Other income comprises the group’s rental income, as well as income from the its hospitality division and healthcare operations.

Meanwhile, new property sales decreased 2.6% to RM120.9 million in 1QFY2024, versus the RM124.1 million logged a year earlier.

“While there was an increase in sales arising from new projects which were under construction, the sale of stocks was relatively lower,” the group said.

Earnings per share (EPS) rose to two sen, from 1.92 sen previously. No dividend was declared for the quarter under review.

Looking ahead, UOA Development said the group will continue to explore strategic development land that meets its objectives.

The group’s total unbilled sales as at end-March 2024 stood at RM311.7 million.

At noon trading break on Tuesday, shares in UOA Development were down one sen or 0.5% at RM2, valuing the property developer at RM4.98 billion.