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MUI Properties declares first dividend in 10 years after weathering challenging FY21by Adam Aziz
KUALA LUMPUR (Sept 20): MUI Properties Bhd today announced its first dividend payout in 10 years after a steady performance for the financial year ended June 30, 2021 (FY21) despite construction delays due to the Covid-19 pandemic.
The group, which is developing Bandar Springhill in Negeri Sembilan, posted a
net profit of RM7.67 million or 1.04 sen per share for FY21, down 39.5% from RM12.73 million or 1.72 sen for FY20.
The lower earnings were due partly to a loss of recognition of dormant subsidiaries, the group said in a bourse filing.
MUI Properties announced an interim dividend of 0.45 sen per share, payable on Sept 22. The last time it paid a dividend was in FY11.
At pre-tax profit level, the property developer saw a smaller contraction of 12.5% to RM21 million from RM24 million in FY20. Revenue slid 0.24% to RM76.5 million from RM76.69 million.
Also contributing to the weaker bottom line performance was
lower net forex gains in 4QFY21, which contributed to the 75.7% decline in quarterly net profit to RM2.14 million or 0.29 sen per share, from RM8.81 million or 1.19 sen per share a year earlier.
Quarterly revenue however rose 4.7% to RM19.43 million from RM18.55 million, mainly from the ongoing Phase E6 of Bandar Springhill, it said.
"The opening of
UCSI Hospital in Bandar Springhill in March 2021 is expected to further improve the vibrancy and attractiveness of the township.
Shares of MUI Properties fell 0.5 sen or 2.56% to close at 19 sen, valuing the group at
RM141.54 million.Source: The Edge
https://www.theedgemarkets.com/article/ ... nging-fy21
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