Monday, April 30, 2012

Fall in UIC profit, SingLand's gain rises


Straits Times: Mon, Apr 30
REAL-ESTATE group United Industrial Corp (UIC) has posted a 6 per cent drop in first-quarter net profit to $44.3 million.

This was despite revenue for the three months ended on March 31 rising 19 per cent to $233.6 million.

The increase in revenue was due to higher sales of trading properties and improved revenue from hotel operations. This was partially offset by lower rental income.

Despite higher revenue, net profit fell owing to the absence of contribution from Park Natura and UIC Building.

On its residential projects, increased sales recognised for The Trizon were moderated by the absence of contributions from Park Natura, which was completed in May last year.

Earnings per share eased to 3.2 cents from 3.4 cents previously while net asset value per share grew by three cents to $3.16 when compared to Dec 31.

Meanwhile, subsidiary Singapore Land (SingLand) has reported a 14 per cent rise in first-quarter net profit to $55.5 million, on the back of a 41 per cent jump in revenue to $195.5 million.

The increase in turnover was due mainly to higher sales of trading properties.

Sales at The Trizon more than doubled to $104.2 million, thanks to additional units sold and a higher percentage of completion of the development.

Earnings per share swelled to 13.5 cents from 11.8 cents previously while net asset value per share firmed to $11.78 from $11.66 as at Dec 31.

Looking ahead, both UIC and SingLand said the growing supply of new and secondary office space amid an uncertain global economic outlook will continue to put pressure on office rental rates...
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