UOL Group yesterday said net profit fell 5 per cent year on year to $72.36 million for the first quarter ended March 31.
This was due to an accounting reversal of $31.9 million relating to the consolidation of United Industrial Corporation (UIC). Stripping out the accounting reversal, net profit would have increased 27 per cent to $104.3 million, it said.
Group revenue rose 12 per cent to $741.21 million, boosted by recognition of property development revenue from sales of Park Eleven in Shanghai as the remaining 103 of the 150 units sold as at the end of last year were handed over in the first quarter of this year.
Earnings per share for the quarter under review worked out to 8.59 Singapore cents per share, down from 9.04 cents per share.
By the third quarter of this year, UOL is slated to launch two residential projects, the 56-unit Meyerhouse in Meyer Road, and the 1,074-unit Avenue South Residence in Silat Avenue.
UOL group chief executive Liam Wee Sin highlighted that the group is encouraged by the good sales momentum in the last two months for The Tre Ver, which is now over 70 per cent sold, adding: "We expect keen interest for Avenue South Residence, which capitalises on the Greater Southern Waterfront growth story."
Wing Tai Holdings
Mainboard-listed property and retail player Wing Tai Holdings saw earnings plunge in the third quarter on a sharp drop in associates' contributions.
Net profit fell by 85 per cent year on year, dropping from $69 million to $10.1 million for the three months to March 31, according to results released yesterday. Revenue was down by 9 per cent to $65.3 million.
The decline in earnings tracked a similar drop in Wing Tai's share of profits from associates and joint ventures. In its financial statements, the company attributed the fall to the lack of a one-off gain from the sale of a subsidiary, as well as lower contribution from Hong Kong's Wing Tai Properties.
Earnings per share came in at 1.13 cents, against 8.72 cents the year before. Net asset value was $4.22 a share, down from $4.31 as at June 30 last year.
Meanwhile, net profit for the nine months was $28.4 million - less than a third of the previous year's $90.1 million - despite a 2 per cent uptick in revenue to $259.2 million, which the group attributed to higher property sales in Malaysia.