KUALA LUMPUR: UOA Development Bhd 's net profit for the second quarter ended June 30, 2021, more than doubled to RM54.35mil from RM23.18mil in the previous corresponding quarter on the back of higher recognition of ongoing development projects.

       The group said revenue rose 53.5% to RM216.3mil from RM140.9mil in the same quarter last year.

       "The revenue and PATAMI were attributed mainly from the progressive recognition of the on-going development projects, namely South Link Lifestyle Apartments, The Goodwood Residence, Sentul Point Suite Apartments and Aster Green Residence.

       "The higher revenue in the current quarter was a result of higher progressive recognition from the completion of South Link Lifestyle Apartments compared to the same quarter in the previous year," it said in a statement accompanying its results.

       New property sales for the period was about RM197.6mil, which was attributable mainly to sale of The Goodwood Residence, Sentul Point Suite Apartments, Aster Green Residence and United Point Residence.

       Total unbilled sales stood at about RM101.3mil as at June 30, 2021.