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UOL Q3 profit up 10 per cent to S$103m

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UOL Group's third-quarter net earnings rose 10 per cent to S$102.57 million on the back of a 66 per cent revenue jump to S$433.54 million.

UOL Group's third-quarter net earnings rose 10 per cent to S$102.57 million on the back of a 66 per cent revenue jump to S$433.54 million.

The property and hotel group said the higher revenue was chiefly due to the recognition of S$212.2 million of property development revenue upon the completion of a project in Tianjin, The Esplanade, during the third quarter ended Sept 30, 2014. This resulted in a 167 per cent surge in revenue from property development to S$260.86 million.

"Revenue from all other segments registered modest growth with higher contributions mainly from Parkroyal on Beach Road, Parkroyal on Pickering and the Pan Pacific Serviced Suites Beach Road," UOL said.

Earnings per share rose to 13.23 Singapore cents in Q3 FY2014 from 12.14 cents in Q3 FY2013. Net asset value per share rose to S$9.29 as at Sept 30, 2014, from S$8.77 as at Dec 31, 2013.

The counter eased seven cents to close at S$6.37 on the stock market on Tuesday. UOL announced its results after the market closed.