Land sales lifts profit of UOL Group by 69%

SINGAPORE - Land sale lifted UOL Group's first quarter net profit to $120.8 million, up 69 per cent from the same period last year.

The developer said on Wednesday that revenue rose by 65 per cent to $408.8 million for the three months ended March 31.

The sale of a 172,149 sq ft plot at Jalan Conlay, near the Bukit Bintang shopping area, accounted for $218.5 million in revenue.

Earnings per share for the period was 15.67 cents, up from 9.31 cents a year ago.

Net asset value rose to $8.93 from $8.77 as at Dec 31.

UOL shares closed eight cents lower at $6.48. The results were announced after markets closed.