UOL Q1 net profit up 4% to S$80.3m

UOL Group (UOL) has posted a 4 per cent increase in group net profit for the first quarter ended March 31, 2017 to S$80.3 million from the preceding year, the group said in a Singapore Exchange filing on Friday evening.

This was due mainly to contributions from ongoing and new property development projects.

Revenue rose 6 per cent to S$350.7 million from the year-ago period on the back of higher progressive recognition from two ongoing Singapore residential projects that were launched in 2015 - Principal Garden and Botanique at Bartley.

Earnings per share rose to 9.98 Singapore cents from 9.68 Singapore cents in the previous year.

Net asset value per share stood at S$10.27 as at March 31, 2017, up from S$10.10 as at Dec 31, 2016.

UOL shares finished at S$7.07 on Friday, down three Singapore cents from Thursday's close.