UOL's full-year earnings dip on lower property sales

Lower property development sales weighed down full-year earnings at developer UOL.

Net profit for the 12 months to Dec 31 fell 3 per cent to $785.8 million from the preceding year, UOL said in a Singapore Exchange filing on Friday.

Revenue for the period dropped 8 per cent to $1.06 billion from the year before.

UOL said that office and mall rentals and its hospitality business helped cushion declines from sales of its property projects.

Earnings per share were $1.0201 for the year, down from $1.0506 the preceding year.

Net asset value per share rose to $8.77 from $7.98.

The company proposed a special dividend of five cents and a final dividend of 15 cents per share.

Its shares rose five cents to $6.12 on Friday.