Lower fair-value gains hit UOL

Singapore

DRAGGED by lower fair value gains on investment properties, UOL Group on Wednesday posted a 28 per cent fall in second-quarter net profit to S$152.5 million despite better core earnings.

The lower profit attributable to equity-holders came as attributable fair value gains, including those of associated companies, plummeted 56 per cent to S$53.3 million amid a lacklustre property market. This marred a 9 per cent rise to S$98.7 million in attributable profit before fair value and other gains. The improved core earnings were due to stronger contributions from development projects Katong Regency, Riverbank@Fernvale and Seventy Saint Patrick's.