UOL Group has announced that its net profit for the third quarter rose 18 percent from $105.6 million to $124.7 million, while revenue jumped 7 percent year-on-year to $345.2 million from $323.9 million.
The growth in turnover was due to the progressive recognition from the sales of UOL’s development properties including Meadows@Peirce, Duchess Residences, Breeze by the East, Waterbank at Dakota and Double Bay Residences, as well as the good performance of its hotel operations.
For the nine months ended September 30, 2010, UOL saw a 14 percent decline in net profit to $360.4 million from $417.2 million, attributed to a negative goodwill gain worth $279.2 million from the purchase of UIC shares in 2009’s nine-month period.
The group’s pre-tax profit before fair value and other gains jumped 51 percent to $427.4 million from $282.3 million.
For the first nine months of 2010, UOL posted a 25 percent year-on-year growth in revenue to $914.9 million from $734.3 million.
Q3 earnings per share hit 15.95 cents, compared to 13.31 cents a year ago.
“The successful sell-out of our new projects this year, Waterbank at Dakota and Terrene at Bukit Timah will help to sustain earnings visibility in the coming year,” said Gwee Lian Kheng, CEO of UOL Group.
“Our recent acquisition of a land parcel in Changfeng, Shanghai through a joint venture with Kheng Leong and Singapore Land will further enhance our earnings base from the rapidly growing residential market in China,” he added.