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UDA Holdings’ Financial Position Stable – Audit Report

The Auditor-General’s Report 2019 Series 1 found UDA Holdings Berhad’s financial position to be stable as shown in its profit after-tax records for three consecutive years.

The company’s total assets exceeded liabilities and in positive cash position despite showing a decline in the three-year period.

However, the audit report said performance efficiency in project implementation could be improved.

“Management of the Bukit Bintang Plaza joint venture was also less efficient as UDA had to bear costs amounting to RM25.21 million and loss of revenue totalling RM118.34 million,” according to the report.

It said land banking management was also less effective as the balances showed a declining trend each year.

The report recommends a review in the appointment of a chairman at the board of directors committee level as it risks creating a conflict of interest.

It also proposes that UDA Holdings diversify its promotional and marketing efforts to increase existing property sales. — BERNAMA

BacalahMalaysia Team

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