Singapore-based property developer UOL Group has recorded a net profit of S$202.2 million in the second quarter, up 16 percent from S$173.7 million in the previous year.
The profit after tax and minority interests (Patmi), which includes S$96.5 million in fair value gains on investment properties, rose 3.9 times from S$24.9 million over the same period last year. Revenue also climbed 40 percent to S$455.9 million, from S$326.7 million in Q2 2010.
UOL said the increase in Q2 results was boosted by higher progressive recognition from the sale of its property developments and contributions from Parkroyal Serviced Suites Kuala Lumpur and Parkroyal Melbourne Airport.
It added that property development was the biggest contributor in Q2 2011, increasing 58 percent to S$305.7 million.
Meanwhile, gross revenue from its hotel business climbed 13 percent to S$88.1 million, while property investment contributed S$39.3 million, up seven percent year-on-year.
In terms of half-year results, the company posted a 72 percent increase in H1 revenue to S$1.18 billion, marking the first time the company has achieved more than S$1 billion in revenue at half-time.
“We expect some headwinds in the second half of this year. However, we believe our healthy capital position and diversified portfolio will provide a buffer for us in this turbulent economic environment,” said UOL Group CEO Gwee Lian Kheng.
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