MALAYSIAN property investor United Overseas Australia has announced a net profit after tax of $73 million for the year ended December 2007 – up 301% when compared to $54.8 million a year ago.
The company said the hike was primarily due to the sale of its completed office developments (UOA Pantai) and the fair asset revaluation of
As a result, a final dividend unfranked of 0.7 cents per share has been declared up from 0.5 cents in 2006, making a total dividend of 0.9 cents per share for the year.
Gross revenue from ordinary activities was $159.4 million, an increase of 158% over last year’s revenue of $61.7 million and the group’s net debt to equity ratio has decreased from 26.20% in December 2006 to 20.85% in December 2007.
For the year, the group’s gross revenue from property development operations was $29.48 million, an increase of $2.69 million or 10.0% over the 2006 results of $26.79 million.
UOS said the overall continuing outlook for the group is favourable as the Malaysian economy remains steady and the demand for property particularly housing by the middle income sector remains high.
“However, the directors are aware that profit determination is dependent on the timely completion and sale of its developments,” it concluded.
Australian Property Journal
