Hi Steve,Agreed - the revenue recognition and timing is a bit...

Hi Steve,
Agreed - the revenue recognition and timing is a bit difficult to determine.
I think it is because they are progressively recognising work done on development properties, whilst they recognise the full revenue on sales of inventory (completed projects).
The subsequent UOS Preliminary Final Report has a bit more detail on this in Note 4 "Timing of recognition". This note (in the UOS report not UOA Development) also shows "sale of development properties under construction" being AUD$255 million which is much higher than the same time in the prior year (AUS$65 million). I think this is where the majority of new sales in 4qtr (for UA Development) are shown.
I believe these sales will get recognised over the next year or so. The note in the UOS report says "the remaining performance obligations are expected to be recognised within 1-5 years which is in accordance with the agreed time frames in the sale and purchase agreements signed with purchasers".
It was nice to see another 2c dividend for UOS, making 4c for the year and a 7.5% dividend. Sure makes waiting for the uptick in development earnings more palatable.