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Lower contribution from its project, The Clement Canopy, dragged profits down. United Industrial Corporation (UIC) saw its net profit dip 13% YoY to $52.9m in Q3 from $60.88m in 2018, an SGX filing revealed. In contrast, revenue jumped 28% YoY to $42.5m from $151.91m over the same period.
The profit decline was blamed on the lower contribution from the joint venture residential project, The Clement Canopy, which was fully sold last April.
On the other hand, its revenue was boosted by higher sales recognition from hotel operations, trading properties and technology operations.
As for the 9M period, UIC’s net profit has skyrocketed 134% YoY to $543.31m from $232.26m in 2018, despite the profit slip in Q3. This was boosted by higher contribution from Park Eleven (Shanghai project) and UIC Building, as well as a one-time gain on derecognition of an associated company of $210.3m, arising from the acquisition of AHPL last 17 April.
Revenue over the same period also went up 20% YoY to $98.4m, which was also thanks to higher sales recognition from hotel operations, trading properties and technology operations.
Real estate related news stories from Singapore
- Far East Orchard buys two student accommodation properties in Leeds and Sheffield for £66.5m
- Singapore Press Holdings and SPH REIT Review- Media Segment Continues to Worsen But Bright Spot From Property Segment
- Top Global develops hospitality tech
- No deal too large for Blackstone's real estate investors
- UOB appoints receivers of Libra Group's mortgaged property in Loyang
Asian property news round up
- China faces backlash from mainland, Hong Kong for relaxed property rules
- Swire Properties Said Launching Xi’an Commercial Project
- JD.Com Hypes 50% Discounts on Home Sales for China’s Singles Day
- Metro Holdings buys 20% stake in 14 Australian properties for $89.7m
- New land tax forces land owners to evaluate their options
Renaissance of the marble
- 19 Glamorous Marble Interior Designs That Will Delight You
- Interior Design Using Marble And Wood Combinations
- 10 contemporary homes that make clever use of marble
- Interior design with marble in the living room
- How To Incorporate Marble Into Your Interior Design
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