Fair value, other gains lift UIC Q2 profit to S$409.3m; Wee Cho Yaw's grandson to join firm as COO

Singapore

PROPERTY group United Industrial Corp (UIC) has posted a net profit of S$409.3 million in the second quarter, 268 per cent higher than the S$111.1 million it made in the same period a year earlier.

The bottom line was boosted by a S$135 million fair value gain on investment properties. The valuation gains in the second quarter last year amounted to only S$46 million.