Property group United Industrial Corp (UIC) has posted a net profit of $108.5 million in the second quarter, up 47 per cent from the same period last year, lifted by fair value gains.
In the three months ended on June 30, it booked a $49.8 million fair value gain on investment properties (net of non-controlling interests), reversing from a fair value loss of $3 million in the same period last year. Removing these effects, net profit from operations was $58.6 million, down 24 per cent from the same period last year. Second-quarter revenue fell 50 per cent to $182.5 million on lower sales recognition from trading properties held for sale.
Since UIC's development projects were completed and substantially sold last year, revenue recognised from the sales of trading properties slipped 83 per cent to $40.4 million.
OUE Hospitality Trust
OUE Hospitality Trust's (OUE H-Trust) distribution per stapled security fell 3.3 per cent year on year to 1.17 cents for the second quarter ended June 30. Gross revenue was 1.4 per cent down at $30.7 million as its hospitality and retail segments saw lower revenue.
OUE H-Trust is a stapled group comprising OUE Hospitality Real Estate Investment Trust (OUE H-Reit) and OUE Hospitality Business Trust (OUE H-BT). As at June 30, OUE H-Reit's asset portfolio comprised the 1,077-room Mandarin Orchard Singapore; the adjoining Mandarin Gallery mall; and the 563-room Crowne Plaza Changi Airport (CPCA).
For the quarter under review, net property income eased marginally by 0.5 per cent to $26.5 million, in line with lower gross revenue though this was partly offset by lower property expenses. Distributable income slid 2.5 per cent to $21.3 million as the Reit no longer receives income support for CPCA.
Mainboard-listed Thomson Medical Group has signed an agreement with IVI-RMA Global (IVI-RMA) for a proposed joint venture (JV) that will see the two groups form Asia's leading assisted reproduction platform.
IVI-RMA is the largest medical group specialising in assisted reproductive technologies worldwide, with over 70 clinics mainly in Europe and the Americas. The JV, to be headquartered in Singapore, seeks to deliver industry-leading clinical services, and training and research for assisted reproduction services.