KUALA LUMPUR (May 26): UOA Development Bhd (KL:UOADEV) saw its first-quarter earnings drop by 43.3% due to lower development revenue recognition and the absence of one-off gains seen in the previous quarter.
For the three months ended March 31, 2026 (1QFY2026), the property developer posted a year-on-year decline in net profit at RM41.94 million versus RM73.95 million in the previous corresponding period, according to a bourse filing.
Revenue also fell by 25.2% to RM113.86 million as compared to RM152.1 million a year earlier.
No dividend was declared for the quarter under review.
UOA Development said revenue contribution came from existing projects such as Bamboo Hills Residences, Aster Hill, Duo Tower and Aethera Residences, signalling no major new project completions or large recognition spikes during the quarter.
On a quarterly basis, the group said profit before tax dropped by 80.8% as the previous quarter had been boosted by investment properties and stronger revenue recognition from a completed medical centre in Bangsar South.
UOA Development said new property sales stood at RM130.7 million, with main contributions from Aethera Residences, Duo Tower, Bamboo Hills Residences, and Aster Hill.
Its unbilled sales amounted to RM612.4 million as at end-March 2026, which the group said will be recognised progressively in the coming years.
“The group continues to explore strategic opportunities for future growth and expansion,” said UOA Development in the filing.
On May 12, UOA Development said in a previous filing that its proposed RM200 million disposal of three properties in UOA Business Park to UOA Real Estate Investment Trust (KL:UOAREIT) had been called off after unitholders of the REIT did not give approval for the transaction.
The transaction was expected to generate a net disposal gain of RM35.8 million for UOA Development.
Shares of UOA Development paused up by one sen or 0.6% to RM1.83 on Tuesday’s trading day break, valuing the group at RM4.86 billion.