re: Ann: Profit Result (1st Qtr 2014) - UOA D... At the AGM...

re: Ann: Profit Result (1st Qtr 2014) - UOA D... At the AGM today, management indicated the profits from UOADB will be broadly similar in 2014 to 2013. Unlikely to end up more than 10% above or below 2013's result. The first quarter of 2013 was unusual in that a couple of major developments which had been retained in inventory were completed. I would hazard the next 3 quarters will each be a little better than the 2013 priors.
The parent company development in Myanmar will start in the second half, with a GDV of around US$140m to be built over 1.5 to 2 years. My words, not theirs, but if you assume net margins a little below the Malaysian operation, the 80% UOS own of the project could amount to around $30m in uplift in profits over the next 3 financial years (probably mostly in either 2nd half 2015 or early 2016)
If the development in Myanmar goes well, it is a massive opportunity. The GDP per capita in Myanmar is not dissimilar to Malaysia in the early 1990's when UOS began, but the population is roughly triple what Malaysia's was then, and UOS is much better capitalised to exploit the opportunity if all goes well.
The forward pipeline for UOADB continues to grow and now exceeds GDV of 18 billion ringgit.
I have come away pretty happy, only disappointment is the Honda I hired has immobilised itself, so I write this as I sweat it out suited up in a hot Malaysian carpark, waiting for the AVIS mechanic - Eternalgrowth