UOL full-year net profit slips 51% on one-off gain in previous year

UOL Group on Tuesday posted a 51 per cent drop in group net profit to S$433.7 million for the year ended Dec 31 from S$880.2 million in the preceding year, due mainly to a S$535.6 million gain recognised upon the consolidation of the United Industrial Corporation group in FY2017.Group revenue climbed 13 per cent to S$2.4 billion in FY2018 due mainly to the full-year consolidation of revenue of the expanded group.

Group pre-tax profit before fair value and other gains/ rose 18 per cent to S$595.2 million, due mainly to higher profits from property investments and hotel operations with the full-year contributions from the consolidation of UIC and higher dividend income. Earnings per share declined to 51.49 Singapore cents in FY2018 from 107.50 Singapore cents in FY2017.The counter closed two Singapore cents lower at S$6.77 on Tuesday before the results were announced.

UOL Group chief executive Liam Wee Sin said:"With the property cooling measures imposed last year, land prices will moderate and en bloc sales will have very limited traction. However, projects with land price advantage, strong product differentiation and in locations with limited supply will see healthy take-up."

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