Agent.sg / Property news / UIC profit down 13% to $52.9m in Q3

UIC profit down 13% to $52.9m in Q3

Fresh property news selection on November 11. 2019, Monday.

Today's news selection contains the latest real estate related storys. Do you own a real estate/property/finance blog or news site? Send the URL to [email protected] so our editors can use them as sources.


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.

Read the full article here »


Real estate related news stories from Singapore


Asian property news round up


Renaissance of the marble


Previous news selection

Jump in number of HDB resale flats sold in October


About Agent.sg Daily Property News Selection

Agent.sg's Daily Property News Selection brings you the most important property market news in and around Singapore. We list the best articles on real estate development, property investment and on the property listing market on a daily basis - whoever stays out, misses out.

Contribute

If you also want to share an amazing article that you come across and it fits in the real estate / economy topics, just let it us know in e-mail. We don't guarantee to publish all, but we will some of them for sure. If you want us to bring out your own article, please contact us at [email protected]. Some references would also be highly welcome to send us from among your previous publications.

Advertise

Are you looking for some online distribution channels? You find one. Haven't you found a place for your traditional means of advertisement, like PR article or display banner? You've never been so close, just e-mail us at [email protected] and our colleague will get in touch with you.