United Overseas expects $34M profit decrease

Company News

by Roma Christian

United Overseas Australia Limited (ASX:UOS) has advised that its group consolidated operating profit (after tax provision and minority interests), is expected to be $34 million lower than recorded on 30 June 2016.

The real estate development company says a result of $21 million is expected.

United Overseas says results and sales have been affected by the timing of development completions during the first half of 2017.

The company believes the downturn will be corrected by 31 December 2017.

Shares in United Overseas Australia (ASX:UOS) closed flat at 63 cents.