They started buying share back on the market at 22 cents, because the company is ridiculously underpriced at that level, then had to stop because of this (upwards) profit revision.
And what a nice surprise before the weekend. An extra A$22m NPAT attributable to members, and that is just for the first half! Very nice. Not bad for a company valued at $155m at 17 cents, and with over 62 cents NTA and no debt.
Expect the second half to be much lower, with no major projects due to finish but rental income still coming in. But I am still looking forward to the Half Year Accounts, and what the new NTA per share is.
The new major project(s) to be completed, Acacia and Begonia at the Bangsar South Mega-development, will finish early 2010 - about 8 months away.
If there are any sellers still left at 22 cents or below by Monday, expect them to be eaten by the share suyback.
But, if you will excuse me, it is Beer O'Clock. :)
Y
UOS Price at posting:
17.0¢ Sentiment: Buy Disclosure: Held
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