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UIC full-year net profit falls 35% to S$260.55 million on lower fair value gains

UNITED Industrial Corporation (UIC) has posted a group net profit of S$260.55 million for the year ended Dec 31, 2015, a drop of 35 per cent from the S$397.99 million that it reported in the previous year.

The decline was on the back of a big decrease in fair value gain on investment properties to S$18 million last year from S$167.25 million in FY2014.

Revenue rose 16 per cent to S$807.20 million, due mainly to higher revenue recognised on the sales of trading properties.

Gross rental income from investment properties dipped 2 per cent to S$271.1 million.

Finance expenses rose 61 per cent to S$12.59 million, due mainly to higher interest rates and higher average borrowings arising from UIC's voluntary cash offer for Singapore Land shares in 2014.

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Earnings per share fell to 18.6 Singapore cents in FY2015 from 28.7 cents in FY2014.

Net asset value per share rose to S$4.24 at end-2015 from S$4.09 at end-2014.

UIC has recommended a first and final dividend of three Singapore cents per share, unchanged from the previous year. The counter ended two cents higher at S$2.96 on Friday.

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