UNITED Industrial Corp (UIC) posted a 2 per cent drop in net profit to S$59.7 million for the first quarter ended March 2016 from S$60.8 million a year ago.
The dip in net profit was due to the absence of contribution from the Archipelago joint venture residential project which was completed in September 2015.
Revenue was up 4 per cent to S$201.3 million from S$193.2 million on higher trading property sales. Earnings per share stood at 4.2 Singapore cents versus 4.4 Singapore cents a year ago.
No dividend was recommended, same as the previous period.
UIC warned that it expects office rental in the central business district to soften in 2016 due to new supply while the residential property market will remain weak on the back of cooling measures. It also expects the hotel industry to remain competitive.
UIC shares fell four Singapore cents or 1.3 per cent to S$2.95 on Friday.