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SG UOL Q2 net profit jumps 151%

Property Here - Monday, August 12, 2013

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Property firm UOL reported a 151 percent surge in net profit to S$431.4 million in Q2 2013, as fair value gains on its investment properties soared 386 percent to S$400.3 million.

Group revenue increased two percent to S$304.3 million on higher contributions from hotel operations, property investments and higher dividend income from quoted investments. For hotel and other management services, revenue was up 18 percent to S$4.4 million, while for hotel ownership and operations; it climbed 15 percent to S$102.7 million. 

But its property development business saw revenue fall 10 percent to S$133.2 million as both the Double Bay Residences and Waterbank at Dakota are completed and construction on Katong Regency is now underway.

As for property investments, revenue climbed six percent to S$44.0 million while dividend income from available-for-sale financial assets grew 27 percent to S$20.0 million.



Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@allproperty.com.sg