PETALING JAYA: UOA Development Bhd has recorded a lower net profit of RM136.45mil in the fourth quarter ended Dec 31 compared with RM197.8mil in the previous corresponding quarter.

Revenue in the quarter under review came to RM486.35mil versus RM198.49mil in the comparative quarter.

For the financial year ended Dec 31, 2018, the group proposed a first and final single-tier dividend of 14 sen per ordinary share.

The group said in a filing with the stock exchange that the profit and revenue were mainly derived from the progressive recognition of the group’s ongoing development projects, namely, United Point Residence, Sentul Point Suite Apartments, South Link Lifestyle Apartments and sale of stocks.

Cumulatively in FY18, the group recorded a net profit of RM378.92mil, which was 25.2% lower than in the previous financial year.

Revenue for the recent year rose 17.2% to RM1.26bil from RM1.08bil previously.

Total new property sales for the period ended Dec 31, 2018 was about RM1.48bil, while total unbilled sales came to about RM1.5bil.

“The group’s focus remains on development at targeted geographical locations and it will continue to assess opportunities for land acquisitions that meet the criteria,” it said.