UIC Q3 earnings rise 37% to S$59.7m

Singapore

UNITED Industrial Corporation (UIC) has posted a 37 per cent year-on-year increase in third- quarter net profit to S$59.69 million, on the back of a 17 per cent rise in revenue to S$178.38 million.

Another factor that boosted the bottomline was a near doubling in share of profit of joint ventures to S$9 million from S$4.82 million previously - thanks to higher contributions from the Archipelago and Thomson Three projects. A further reason for the higher net profit was UIC's increased interest in Singapore Land to 99.5 per cent following its voluntary cash offer.