UOL Group Limited announced a 69 percent rise in net attributable profit to $120.8 million for Q1 2014, from $71.7 million in Q1 2013.
The increase was mainly due to the land sale in Malaysia, which netted a gain of $44.3 million.
The Singapore-listed group’s revenue rose 65 percent to $408.8 million. However, revenue from the sales of residential properties declined with the completion of Waterbank at Dakota and Spottiswoode Residences in the middle and end of 2013 respectively.
UOL plans to launch Seventy St Patrick’s in Marine Parade and its Upper Paya Lebar project in Singapore later this year.
Gwee Lian Kheng, UOL’s Group Chief Executive, said, “In the first four months in 2014, we had acquired the mid-end Upper Paya Lebar site followed by the prime Prince Charles Crescent site, both of which will bolster our pipeline residential units in Singapore.”
Revenue from hotel operations went up 8 percent against Q1 2013 and contributed $107.2 million to the group’s revenue.
During the quarter under review, revenue from UOL’s property development and property investments rose 144 percent to $247.9 million, and 16 percent to $48.7 million respectively.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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