UOL posts 59% jump in Q2 profit

Singapore

UOL Group put up a sterling report card on Friday for the second-quarter ended June 30, with net profit jumping 59 per cent to S$109.4 million, mainly due to higher revenue recognition from Singapore condominium project Principal Garden, higher share of profit from associated companies and fair value gains on investment properties.

But amid the residential market exuberance here, the group flagged its concern over a possible "disconnect" between the recent land tender prices and achievable end-sale prices. "Transaction volume in the residential sector has risen steadily but a sustainable recovery in end-sale prices will depend on the dynamics of economy, supply-demand and the rental market," said deputy group CEO Liam Wee Sin.