Higher fair value gains on property investment lift UOL's Q2 earnings

Singapore

HIGHER fair value gains on its investment properties outweighed lower revenue recognition from development and higher finance expenses to lift results for UOL Group (UOL) in its second quarter.

Net profit for the developer and hotel operator for the three months ended June 30 shot up 48.1 per cent to S$195.4 million from the previous year's S$131.9 million.

Fair value gains on investment properties nearly trebled to S$181.9 million, from S$64.4 million.

Before fair value and other gains, group pre-tax profit was 7 per cent lower at S$141.8 million, as revenue fell 19.7 per cent to S$51…