SINGAPORE (May 12): UOL property group posted a 4% increase in earnings to $80.3 million for the 1Q17 ended March, due mainly to contributions from ongoing as well as new property development projects.
Group revenue climbed 6% to $350.7 million with higher progressive recognition of revenue from ongoing residential projects, Principal Garden and Botanique at Bartley. Revenue from property investments recorded a marginal increase of 2% from a year ago with contribution from 110 High Holborn that was acquired in June last year.
The group’s hotel business was largely unchanged from a year ago as the improved performance from its Australian hotels was offset by lower revenue from PARKROYAL Penang due to on-going refurbishments.
Share of profit from joint venture companies fell 10% to $2.3 million, mainly attributed to the absence of contribution from the Thomson Three development which was completed in May last year. This was offset partially by contributions from The Clement Canopy development and Holborn Island, London.
As at end March, the company had cash and cash equivalents of $248.8 million. Its gearing ratio stood at 0.24.
Shares of UOL closed 0.4% lower at $7.07.
