MUI Properties gets UMA query after shares hit near four-year high

• Cash-strapped MUI Properties has reported net losses for the third straight quarter in the third quarter ended March 31, 2024.

KUALA LUMPUR (July 30): MUI Properties Bhd (KL:MUIPROP) was slapped with an unusual market activity (UMA) query by Bursa Malaysia on Monday, after the stock shot up to a near four-year high.

The shares jumped as much as 11.5 sen or 46% to a high of 36.5 sen during the afternoon trading session on Monday, the highest since Aug 28, 2020. Its trading volume of 41.33 million was also the highest in nearly four years.

The counter then pared its gains to settle at 35 sen, still up 10.5 sen or 42.86%, giving it a market capitalisation of RM262.07 million.  

It was not known at press time what could have lifted the property developer’s share price, which started climbing from 24.5 sen last Friday.

The company’s largest shareholders are Marco Polo Trading Bhd with a 26.59% stake, followed by the diversified group Malayan United Industries Bhd (KL:MUIIND) with a 23.48% stake, and United Review (M) Sdn Bhd with a 6.07% shareholding.

Cash-strapped MUI Properties has reported net losses for the third straight quarter in the third quarter ended March 31, 2024 (3QFY2024).

The group reported a net loss of RM592,000 for 3QFY2024, versus a net profit of RM1.79 million for the same period in the previous year, mainly due to lower revenue dragged by higher operating costs and lower contributions from joint-venture companies.

Revenue for the quarter declined 68.61% to RM8.20 million, as compared to RM26.14 million in 3QFY2023, due to lower billing from the ongoing industrial park project development in the Bandar Springhill, Negeri Sembilan. Meanwhile, several projects no longer constituted a major revenue source in 3QFY2024, as compared to the same quarter a year earlier.

MUI Properties also recorded a net loss of RM4.43 million for the nine months ended March 31, 2024 (9MFY2024), against a net profit of RM299,000 in the same period a year earlier, as revenue dropped 57.77% to RM33.77 million from RM79.99 million.

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