18/12/2008 - 11:01

United Overseas expects 70% profit slump

18/12/2008 - 11:01

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Wembley-based property developer and manager United Overseas Australia expects its 2008 profit to slump over 70 per cent, largely on the back of project delays.

Wembley-based property developer and manager United Overseas Australia expects its 2008 profit to slump over 70 per cent, largely on the back of project delays.

In a brief statement today, the company said it expects its net profit for the year ending December 31 2008 to be around $37 million.

"This is a reduction on the 2007 result and is due to the timing of completion of projects and the subsequent signing of sales and purchase agreements," the stock said.

United's net profit reached $129.4 million for the 2007 calendar year, which was positively impacted by fair value adjustments to the company's properties.

In addition, the directors said they intend to declare a dividend comparable to that paid for the 2007 financial year.

 

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