UOL net profit up 4% in Q1

SINGAPORE - Property developer and hotel operator UOL has posted a net profit of S$77.1 million in the first quarter, up 4 per cent from the same period a year ago.

Revenue in the three months ended March 31 was S$330.1 million, up 39 per cent from a year ago, as takings from property development more than doubled to S$164.3 million, while hotel revenue rose 2 per cent to S$104.9 million.

However, the share of profit of associated and joint venture companies fell 12 per cent from a year ago to S$34.1 million.

First quarter earnings per share was 9.68 Singapore cents, up from 9.43 cents a year ago.

Net asset value per share was S$9.95 as at March 31, up from S$9.91 as at Dec 31.

marilee@sph.com.sg