UOL Group's net profit slipped 7 per cent to S$80 million for the third quarter ended Sept 30 from S$85.7 million in Q3 FY2018, due mainly to lower profit from property development, it said on Tuesday.
Group revenue fell 10 per cent to S$476.6 million with lower progressive recognition of revenue from three development projects – Principal Garden, The Clement Canopy and Botanique at Bartley, which obtained Temporary Occupation Permit in December 2018, March and April 2019 respectively. The revenue decline was partly offset by higher progressive recognition of revenue from Amber45 and The Tre Ver, as well as higher sales from the group's management services and technologies segment.
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