UIC posts 85% drop in full-year earnings to S$90.2m

Singapore

DEVELOPER United Industrial Corp (UIC) reported an 85 per cent slump in net profit for the full year ended Dec 31, 2020 to S$90.23 million.

The group was weighed down by a fair value loss on investment properties of S$125.8 million in FY2020, compared to a fair value gain of S$148.5 million previously. Its results for FY19 were also boosted by a one-off gain of S$210.3 million from the acquisition of additional interest in Aquamarina Hotel.