UIC posts 49% jump in Q3 net profit

PROPERTY Group United Industrial Corp (UIC) posted a third-quarter net profit of S$95.5 million, up 49 per cent from S$64 million a year ago aided by higher share of joint ventures' results.

Share of joint ventures' results increased by S$10.7 million to S$6.7 million for the three months to September mainly due to new contribution from The Clement Canopy residential project launched in February this year and from the UK Holborn property that was acquired in November last year, said UIC in its results announcement on Friday.

Revenue rose 55 per cent to S$405.5 million from S$262 million mainly due to higher sales recognition from trading properties which almost doubled due to higher sales in Alex Residences and Pollen & Bleu.

Accordingly, earnings per share came in higher at 6.7 Singapore cents versus 4.5 Singapore cents a year ago.

No dividend was recommended in the period, unchanged from last year.

For the nine-month period, UIC's net profit fell 2 per cent to S$230 million on the back of a 47 per cent jump in revenue to S$1.03 billion. The lower net profit was due to a fair value loss of S$3 million versus a gain of S$51.5 million over the same period a year ago.

UIC shares closed unchanged at S$3.35 on Friday.