Ann: UOA Development Bhd - Profit Result (4th Qtr 2023), page-10

Yes, thanks for that.

Taking a closer look, they report an AU$62 million loss as Other comprehensive income (not included in Normal profit) due to "exchange differences on translating foreign operations". In reading the notes from the last annual report, this relates to "non-monetary assets held at fair value" which is essentially the $1.3 billion in investment properties. So that all makes sense. It is also shown in the statement of changes in equity as foreign exchange reserves.

So, in summary, earnings of circa 4-5 cents per share essentially all paid out as dividends to shareholders (in cash or new shares). That would leave NTA / share stable in constant currency, but xrate movements resulted in ~5 cent per share negative impact.

It brings into focus the xrate risk, but the Mlaysion currency appears relatively stable vs AUD over the long term - pretty much been in the 0.3-0.35 band for 20 years.