Company briefs: United Industrial Corp

United Industrial Corp

United Industrial Corp (UIC) posted a 9 per cent rise in third-quarter earnings to $65.3 million on the back of higher sales and progressive sale recognition for its residential projects.

Revenue for the three months to Sept 30 was up 6 per cent to $189.4 million, due mainly to higher sales of trading properties, which rose 25 per cent to $65.9 million.

Revenue from hotel operations eased 4 per cent to $37.2 million.

Gross rental income from investment properties fell slightly by 2 per cent to $67.3 million.

Earnings per share rose from 4.3 cents in the same period last year to 4.6 cents while net asset value per share climbed from $4.09 as at Dec 31 to $4.19.

Global Logistic Properties

Global Logistic Properties lifted net profit for the second quarter by 27.4 per cent to US$114 million (S$160 million).

The firm said its results were driven by growth in China and development gains in Japan.

Its entry into the United States market and the absence of foreign exchange losses also played a part.

Revenue fell 1.9 per cent to US$189.3 million in the three months to Sept 30.

Earnings per share jumped 45 per cent to 2.22 US cents, while net asset value dropped from US$1.81 as at March 31 to US$1.77.

Sembcorp Industries

Conglomerate Sembcorp Industries will have a new independent director from tomorrow.

Mr Nicky Tan Ng Kuang, 57, is the chief executive of a boutique corporate finance and corporate restructuring firm nTan Corporate Advisory.

As a qualified chartered accountant, Mr Tan "brings to the board many years of experience in corporate finance, audit and mergers and acquisitions", said the company in a Singapore Exchange filing.

He has served as director and audit committee member on some of Singapore's largest listed companies, including Singtel, and Fraser and Neave.

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A version of this article appeared in the print edition of The Straits Times on October 31, 2015, with the headline Company briefs: United Industrial Corp. Subscribe