SINGAPORE - UOL Group reported a 28 per cent fall in second quarter earnings to S$152.5 million on Wednesday, as it navigates the tough property market.
"Development projects helped to bolster UOL's core earnings, although the lacklustre property market has depressed fair value gains of its investment properties," UOL said in a statement.
Contributions from Katong Regency, Riverbank@Fernvale and Seventy Saint Patrick's boosted core earnings.
Profit before fair value and other gains and income tax rose nine per cent to S$114.9 million in the three months to June 30.
Attributable fair value gains from the group's investment properties - including those of associated companies - were S$53.3 million, a 56 per cent fall compared with the second quarter of last year.
Share of profit from associated and joint venture companies fell eight per cent to S$35.3 million, mainly because of lower contributions from the Archipelago condominium in which UOL has 50 per cent stake.