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Higher revenue, takeover of Singapore Land help lift UIC's Q3 net profit to S$59.7m

UNITED Industrial Corporation (UIC) has posted a 37 per cent year-on-year increase in third-quarter net profit to S$59.69 million, on the back of a 17 per cent rise in revenue to S$178.38 million.

Also contributing the improved bottomline was a near doubling in share of profit of joint ventures to S$9 million from S$4.82 million previously, thanks to higher contributions from the Archipelago and Thomson Three projects.

A further reason for the higher net profit was UIC's increased interest in Singapore Land to 99.5 per cent following its voluntary cash offer.

For the first nine months ended Sept 30, 2014, net earnings increased 26 per cent to S$274.87 million while revenue climbed 9 per cent to S$494.18 million.

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Earnings per share rose to 4.3 Singapore cents in Q3 FY2014 from 3.1 Singapore cents in Q3 FY2013. Net asset value per share rose to S$3.99 at end-September 2014 from S$3.61 at end-December 2013.

On the stock market, UIC ended a cent lower at S$3.34 on Friday. The group released its results after the market closed.