SINGAPORE (Mar 2): Investment firm Uni-Asia Group, which has investments in shipping and property, has turned around. It posted earnings of US$8.9 million for FY2017 ended Dec 31 2017, reversing losses of US$12.2 million in the preceding year.
Income between FY2017 and FY2016 was up by 20% to US103.9 million.
For the three months to Dec 31, Uni-Asia reported earnings of US$3.2 million, a marked reversal from losing US$12.7 million in the year earlier quarter.
A dividend of 6.25 cents – double that of the previous year’s — has been declared.
The company’s hotel investments remained as the largest earnings contributor. For FY2017, this business generated income of US$48.1 million, up 15% from the preceding year.
Improvements were seen in the ship chartering business too, as the industry cycle bottoms. Full year income from ship chartering was up 10% y-o-y to US$37.8 million, while the most recent Q42017 was up a slightly more pronounced 14% y-o-y to US$10.3 million.
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The company expects continued improvement in both the shipping and property and hotel business.
As of Dec 31 2017, Uni-Asia’s net asset value was US$2.89, up from US$2.68 in the preceding year.
As of 10.57am, Uni-Asia was up one cent to $1.39.
