Fair value gains lift profit of UOL Group

Fair value gains lifted second quarter net profit of UOL Group by 151 per cent to $431.4 million.

The property group recorded a 461 per cent jump in fair value gains of investment properties to $334 million.

It also chalked up a 190 per cent rise in fair value gains on associates' investment properties to $66.2 million.

Revenue for the three months to June 30 was up a mere 2 per cent to $304.3 million.

All segments with the exception of development properties recorded improved revenue, with the increase attributed mainly to:

i) higher revenue from Parkroyal Yangon and Parkroyal on Pickering which opened in the first quarter; and

ii) higher dividend income from quoted investments.

Revenue from the sale of development properties declined, due to the completion of Double Bay Residences and Waterbank at Dakota in the third quarter of last year and second quarter of this year respectively.

It also registered a slower development progress payment for Katong Regency in comparison with the second quarter of last year.

Earnings per share soared to 56.03 cents from 22.34 cents previously while net asset value per share grew to $8.50 compared to $7.98 as at Dec 31.