MAINBOARD-LISTED property group UOL plunged into the red in the second quarter after lower operating income and property value losses hit its bottom line.
UOL’s $20.1 million loss in the three months to the end of June is a sharp reversal from the $145 million profit it made in the same period a year ago, and partly reflects a $77 million ‘fair value’ loss on investment properties and a $3.8 million impairment loss on a hotel property.
UOL had to pay $6.1 million in income tax during the period, with a substantial part of the fair value and impairment losses having no positive impact on the size of the tax bill.
Hotel operations and dividends were lower and hit by higher interest expenses plus a lower share of profits from associated companies.
The group’s revenue for the period ended June 30 grew 2 per cent on the previous year to hit $213.7 million.
It was boosted by progressive recognition of revenue from the sale of development properties, that is, sales made at various stages of completion o Continue reading
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