Lower fair-value gains hit UOL
Q2 profit falls 28% to S$152.5m despite stronger core earnings; group also unveils board changes
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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.
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