PETALING JAYA: MUI Properties Bhd suffered a 76% year-on-year (y-o-y) drop in net profit in the fourth quarter ended June 30, due to lower net foreign exchange gain, lower other income and higher expenses.

       The property developer said in a filing with the stock exchange yesterday that it recorded a net profit of RM2.14mil in the final quarter of financial year 2021 (FY21), as compared to RM8.81mil in the previous corresponding quarter.

       Revenue, however, increased slightly by 4.7% y-o-y to RM19.43mil, amid the construction delays in June following the stricter movement control order.

       The improved top line was mainly from its ongoing Phase E6 project of Bandar Springhill, with reduced contribution from Phases E7-1 and E7-2 projects that were at the completion stages.

       MUI Properties declared a dividend of 0.45 sen per share for the second quarter.

       Cumulatively, for FY21, the property developer’s net profit dropped almost 40% y-o-y to RM7.67mil as revenue remained flattish, according to the filing with the stock exchange.In FY21, the revenue was registered at RM76.5mil as compared to RM76.69mil last year.

       “The properties segment maintained its revenue and profit before tax (PBT) at RM77mil and RM24mil respectively against the previous financial year.

       “On a group level, the lower PBT of RM21.3mil in the current financial year was mainly due to a RM6.9mil loss on derecognition of dormant subsidiaries,” it said in a filing.