KUALA LUMPUR (Nov 27): UOA Development Bhd’s net profit dropped by 47% year-on-year for the third quarter ended Sept 30, 2023 (3QFY2023), in line with a lower set of quarterly revenue, coupled with higher tax expense.

Net profit fell to RM50.86 million or 2.08 sen per share for 3QFY2023, from RM96.19 million or 4.03 sen per share a year ago, the group’s stock exchange filing on Monday showed.

Revenue declined by 34.5% to RM107.05 million for 3QFY2023, from RM163.44 million in 3QFY2022, while tax expense more than doubled to RM31.18 million, from RM14.97 million.

For the cumulative nine-month period (9MFY2023), net profit was slightly lower by 3.6% to RM160.83 million from RM166.88 million in the previous corresponding period, while revenue fell by 14% to RM290.38 million from RM339.13 million.

The real estate developer said that total new property sales for 9MFY2023 was about RM461.9 million, while unbilled sales amounted to RM322.8 million.

UOA Development did not elaborate much on its lower profitability for 3QFY2023, but pledged that it will continue to explore strategic development lands that meet its objectives.

Shares of UOA Development were trading one sen or 0.6% lower at RM1.76 at noon break on Bursa Malaysia on Monday, giving it a market capitalisation of RM4.38 billion.