UOL posts first-half loss of $82 million due to Covid-19 impact

SINGAPORE - Property company UOL has sunk into the red with net losses of S$82.1 million for its first half ended June 30, 2020, compared to a net profit of S$267.7 million a year ago.

Excluding fair value losses, the group's operations remained in the black, with group pre-tax profit totalling S$196.8 million, down 30 per cent from S$282.8 million in H1 FY19. The decline in value was observed across all the group's commercial properties and serviced suites, and reflected the impact of the Covid-19 pandemic on the performance of these properties, it said.The earnings decline also came on the back of a 28 per cent drop in revenue to S$908.2 million, with the biggest hit seen in its hotel ownership and operations segment, where revenue fell 57 per cent to S$136.8 million.

It was compounded by the closure of Parkroyal Collection Marina Bay and Parkroyal Kuala Lumpur for major refurbishments and the absence of revenue from Pan Pacific Suzhou which was sold last December.

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