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UOL Group posts Q1 net profit of $230m

Posted on 13 May 2011 | Comments Off

Property company UOL Group says its first quarter net profit rose by 133 percent on-year to hit $230 million for the three months ended March 31st.

Its revenue for the quarter increased by 103 percent to $725 million.

UOL says its results for 2010 were restated due to the adoption of new accounting policies effective from 1 January this year.

Excluding the effects of this adoption, attributable net profit would have been $125 million for the first quarter, up 43 percent on-year.

UOL says the strong first-quarter performance came mainly from higher progressive recognition of development income.

This was from the launches of residential projects in recent years and a higher share of profit of associated companies primarily from the profit recognition of Nassim Park Residences.

Higher recurring income from the Group’s portfolio of retail and office properties as well as from its serviced apartment business also helped lift overall performance in the first quarter.

Source : Channel NewsAsia – 13 May 2011

Comments Off on UOL Group posts Q1 net profit of $230m

Posted in Developers

Tagged Capitaland, Nassim Park Residences, UOL

UOL makes first-half gain despite second-quarter loss

Posted on 13 Aug 2009 | Comments Off

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 →