SINGAPORE - United Industrial Corp (UIC) said its first quarter net profit rose by 10 per cent to $46.7 million.

This was despite revenue dipping 1 per cent to $148.1 million for the three months to March 31, due mainly to lower trading property sales offset by higher revenue from Pan Pacific Singapore hotel and higher rental income.

Earnings per share firmed to 3.2 cents from 2.9 cents previously while net asset value per share rose to $3.65 compared to $3.61 as at Dec 31.

Subsidiary Singapore Land (SingLand) saw a similar percentage rise in net profit to $54.5 million on the back of a 3 per cent fall in revenue to $111.4 million.

Earnings per share grew to 13.2 cents from 12 cents previously.

Net asset value per share increased to $13.19 from the previous quarter's close of $13.07.

The reason for the fall in revenue was the same as that mentioned for the parent company.

UIC is in the midst of taking SingLand private. It has amassed more than 90 per cent stake in SingLand.