Second quarter net profit at property developer UOL Group plunged 55 per cent to $68.8 million due mainly to fair value losses on investment properties.
Fair value losses and other losses added up to $21.5 million, against a $53.8 million gain in the previous corresponding quarter.
Revenue in the three months ended June 30 rose 6 per cent to $363.6 million from a year ago, due mainly to higher progressive revenue recognition from ongoing projects such as Riverbank@Fernvale, Seventy Saint Patrick's, Botanique at Bartley and Principal Garden.
Property development revenue rose 14 per cent to $185.5 million, while hotel business also did a little better due to higher revenue contributions mainly from Pan Pacific Tianjin and Parkroyal Yangon. Earnings per share for the quarter was 8.64 cents, down from 19.36 cents a year earlier. Net asset value per share was $9.80 as at June 30, from $9.91 as at Dec 31 last year.
Ascendas Hospitality Trust
Ascendas Hospitality Trust yesterday reported a distribution per stapled security (DPS) of 1.29 cents for the first quarter, up from 1.28 cents a year earlier. Net property income for the three months ended June 30 rose 5.5 per cent to $22.6 million, although gross revenue declined marginally by 0.8 per cent to $52.4 million.
All hotels in its Australia portfolio recorded better performance in the quarter compared with last year, except for Courtyard by Marriott North Ryde, and Pullman and Mercure Brisbane King George Square.
Net asset value per stapled security was 85 cents as at June 30, from 86 cents on March 31.
Best World International
Second-quarter net profit at beauty products seller Best World International more than trebled to $7.4 million, driven by strong growth in the Taiwan, China and Indonesia markets.
Revenue for the three months ended June 30 more than doubled to $51.6 million.
In China, sales grew almost three times in the first half of the year, while the increase was almost fourfold in Taiwan. The company declared an interim dividend of two cents per share, and is also proposing a bonus issue of one new share for every four shares. The bonus issue will increase the issued share capital base to reflect the growth and expansion of its business as well as encourage a wider spread of shareholders and increase market trading interest, it said in a statement.