Company Briefs: United Overseas Insurance

United Overseas Insurance

Net profit at United Overseas Insurance rose 47.8 per cent to $5.09 million in the second quarter, it reported yesterday.

Gross premiums fell 3.9 per cent to $30.76 million. Earnings per share was 33.29 cents, down 37.3 per cent. Net asset value per share rose to $5.07 from $4.96 as at Dec 31.

The company declared an unchanged interim dividend of three cents per share.

It said the projected economic slowdown would affect premium growth.

However, it added that the impact on underwriting profitability was unlikely to be significant given the "underlying resilience" in its portfolio.

It added that the level of investment income would likely remain depressed given the continued volatility in an unstable global environment.

Sing Holdings Limited

Earnings shot up 590.5 per cent to $2.244 million at Sing Holdings in the second quarter.

Revenue rose 482.5 per cent to $25.321 million for the three months to June 30 as an additional 18 per cent of the contracted sale of Robin Residences was recognised.

Earnings per share rose to 0.56 cent from 0.08 cent a year ago, while net asset value

per share fell from 54.75 cents as at Dec 31 to 54.08 cents.

Parkway Life Reit

Parkway Life Reit lifted distribution per unit (DPU) by 15.6 per cent to 3.35 cents for the second quarter.

Income available for distribution also grew 15.6 per cent to $20.27 million.

Gross revenue for the second quarter rose 1.2 per cent to $25.6 million as the completion of an asset recycling initiative in March resulted in a full quarter of rental contribution from seven new properties.

The higher rental income was able to offset the loss in income from the divestment of seven assets that were of less strategic value.

Net property income for the quarter edged up 1.5 per cent to $24 million from a year earlier.

A version of this article appeared in the print edition of The Straits Times on July 29, 2015, with the headline 'Company Briefs: United Overseas Insurance'. Print Edition | Subscribe