UOL Group Limited recorded a net attributable profit of $102.6 million for Q3 2014, up 10 percent from $93.5 million in the corresponding quarter last year due mainly to higher profits from associated and joint venture companies.
Its group revenue increased 66 percent to $433.5 million from $261.8 million mainly due to the recognition of property development revenue upon the completion of The Esplanade in Tianjin, China and higher contributions from PARKROYAL on Beach Road, PARKROYAL on Pickering and Pan Pacific Serviced Suites Beach Road.
However, group net attributable profit was down 27 percent to $435.1 million for the nine months ended 30 September 2014, due to higher fair value gains in the same period last year.
Pre-tax profit before fair value and other gains totalled $411.1 million, up 29 percent from the same period last year.
The increase was due to higher profits from all segments and a one-time gain of $98.4 million from the sale of the land at Jalan Conlay, lower finance expenses as well as higher share of profit from associated and joint venture companies.
During the year, UOL also acquired two sites in Singapore, Upper Paya Lebar and Prince Charles Crescent for $392.3 million and $463.1 million respectively.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
