United Overseas Australia pretax down in H1

Property developer and property investment company, United Overseas Australia has announced that its pretax profit in the first half of 2010 dropped A$116 million to A$25 million from the previous year.

It said the huge decline was attributed to the timing of the project completion, which greatly affected the company’s gross sales revenue.

In contrast, the completion of two projects, Horizon office development and Bangsar LRT in 2009, contributed to A$53 million fair value adjustment to its H2 2009 results.

The group, based mainly in Malaysia, expects around A$85 million pretax profit for the fiscal year 2010.