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Plunge in fair value gain, lower revenue halved profit at UOL Group

Published on Aug 8, 2014 5:46 PM
 
Developer UOL Group's revenue from property development fell 73 per cent to $36.6 million. This was attributed mainly to a decline in revenue from the sale of development properties at Waterbank at Dakota (pictured) and Spottiswoode Residences, which were completed in May and December 2013, respectively. -- PHOTO: UOL GROUP 

SINGAPORE - Developer UOL Group's second quarter net profit halved to $211.7 million from $431.4 million, mainly due to a sharp fall on fair value gains.

Fair value gains on investment properties, including those of associated companies, dived by 64 per cent to $121.2 million.

Revenue for the three months to June 30 slumped by 30 per cent to $213.6 million.

Revenue from property development fell 73 per cent to $36.6 million.

 
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