Fair value losses on investment properties hit UIC's second quarter
Net profit slides 33% to S$74.7 million, but revenue rises 53%
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Singapore
THE second-quarter net profit for United Industrial Corporation (UIC) tumbled 33 per cent to S$74.7 million from the previous year due to higher expenses and fair value losses on investment properties.
The group said in a Singapore Exchange filing on Friday evening that cost of sales rose 62 per cent to S$254.4 million, while selling and distribution costs more than doubled to S$10.9 million, in line with higher sales from residential projects.
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