UOL Group's net profit for the first quarter ended March 31 slid 39 per cent to S$74.2 million due mainly to the effect of a one-off gain from the sale of land at Jalan Conlay in Malaysia in the year-ago comparison period.
Excluding the sale of land at Jalan Conlay, its first-quarter net profit would have dipped 3 per cent to S$74.2 million from a year ago.
UOL's revenue slumped 42 per cent to S$238.3 million, also due mainly to the effect of the one-time gain from the land sale in the first quarter of 2014.
Excluding the S$218.5 million revenue from the land sale, its property development revenue more than doubled from S$29.4 million in the first quarter of last year to S$77.3 million in Q1 2015, thanks to progressive revenue recognition for Katong Regency, Seventy Saint Patrick's and Riverbank@Fernvale.
Revenue from property investments grew 9 per cent to S$53.2 million as contributions from OneKM, which opened in the fourth quarter of 2014, kicked in. Revenue from hotel operations fell by 4 per cent to S$102.6 million as contributions from Pan Pacific Perth and PARKROYAL Yangon were affected by renovation works.
Shares of UOL closed 0.7 per cent or five cents lower at S$7.51 on Tuesday.