Ann: UOA Development Bhd - Profit Result (4th Qtr 2023), page-2

There still does not seem to be any significant uptick in sales, however, the quarterly profit attributed to UOA owners (UOS owns ~70%) went up quite materially given fair value gain on investment properties and reversal of impairment losses on assets

I'm not sure what triggered this (perhaps a sale resulting a reset in the valuation), but hard to know......I suspect mgmt have some discretion on this front and could have managed the gain to improve the overall state of the pnl.....not such a concern wrt this company given they are most likely highly conservatively valued, so perhaps just to keep the market happy more than anything else

We need sales to double to ~MYR250m per quarter to get back to what seems like normal year (2019), but at least CY2023 is an improvement on CY2021 & 2022.......and another MYR10c from UOA so perhaps another 2c from UOS (pity none of this is franked!!)