re: Ann: Profit Result ( 3rd Qtr 2013) - UOA ... Well, the 3rd...

re: Ann: Profit Result ( 3rd Qtr 2013) - UOA ... Well, the 3rd quarter development profit is a little weaker than I was expecting, and I was expecting it to be pretty weak.

The crimping of margins is mostly what led to it. I've been saying for a while the GP margins in the high 40% range were probably going to have to fade at some stage. YTD Gross margin is still 46.7%, but the Q3 margin has slid to 38.7%. Be interesting to see if they can recover any of that in Q4.

On the plus side, decent revaluations at the Camellia Serviced Suites (+28.4%) and Plaza Menjalara (+23.9%) kept the profits up for the quarter.

Unbilled sales were steady at RM1.2B, despite no launches in the quarter and the Southview launch this quarter should be a pretty big deal sales-wise.

Recurring revenues continue to grow rapidly, which adds a little stability under the development revenue streams.

Hard to know what else to take out of it, the usual fairly solid result, with the only question whether the slimmer margins will be an ongoing feature - Eternalgrowth