May 9, 2014 11:51 am JST

Singapore's UOL group net profit jumps 69%

TOMOMI KIKUCHI, Nikkei staff writer

SINGAPORE -- Singapore's property developer UOL Group posted a net profit of 120.8 million Singapore dollars ($97 million) for the first quarter of 2014, a 69% increase from the same quarter last year. Despite weaker property sales in the country, profit jumped thanks to a one-off gain of S$44.3 million from a land sale in Kuala Lumpur.

     Revenue also increased, rising 65% to S$408.8 million. The group's hospitality and property investment business boosted the overall figure for the quarter, while residential property sales dwindled following last year's completion of major properties such as Spottiswoode Residences in Southern Singapore.

     Revenue from property investments, including Pan Pacific Serviced Suites Beach Road, an extended-stay apartment that opened last May, rose 16% to S$48.7 million. Revenues from hotel operations rose 8% to S$107.2 million. On the other hand, expenses increased by 4% to S$57.4 million, as the launch of two properties in Singapore and Tianjin, China, pushed up marketing and distribution expenses.

     UOL, which acquired two sites in Singapore earlier this year, has managed to grow in its "key business segments despite the mixed market conditions," said Group Chief Executive Gwee Lian Kheng in a statement. The new acquisitions "will bolster our pipeline of residential units in Singapore," he said.

To read the full story, Subscribe or Log in

Get your first month for $0.99

Redeemable only through the Subscribe button below

Once subscribed, you can…

  • Read all stories with unlimited access (5 articles per month without subscription)
  • Use our smartphone and tablet apps

To read the full story, Subscribe or Log in

Get your first month for $0.99

Once subscribed, you can…

  • Read all stories with unlimited access (5 articles per month without subscription)
  • Use our smartphone and tablet apps

To read the full story, Update your account

We could not renew your subscription.
You need to update your payment information.

To read the full story, Subscribe or Log in

Once subscribed, you can…

  • Read all stories with unlimited access (5 articles per month without subscription)
  • Use our smartphone and tablet apps

To read the full story, Subscribe or Log in

Get your first month for $0.99

Once subscribed, you can…

  • Read all stories with unlimited access (5 articles per month without subscription)
  • Use our smartphone and tablet apps

To read the full story, Update your account

We could not renew your subscription.
You need to update your payment information.