The decline in the fair value on UOL’s commercial properties and serviced suites, as well as the impairment change for Pan Pacific London and Pan Pacific Melbourne were due to the negative impact of the Covid-19 pandemic.
UOL Group Limited has reported a 97% plunge in FY2020 earnings of $13.1 million compared to earnings of $478.8 million in the FY2019.
For the period ended December, the lower earnings were due mainly to fair value losses on investment properties and other losses of $246.7 million in the FY2020 compared with $165.1 million gains in the FY2019.
