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UIC full-year net profit up 5% to S$301.5m

UNITED Industrial Corporation's full-year net profit rose 5 per cent to S$301.5 million from the previous year, the group said in a Singapore Exchange filing on Friday evening.

For the 12 months ended Dec 31, revenue went up 25 per cent to S$1.29 billion from the previous year. This was due largely to a 47 per cent jump in revenue recognised from the sales of trading properties to S$760.3 million arising mainly from higher sales in the Alex Residences and Pollen & Bleu projects in Singapore.

Share of joint ventures' results increased by S$32.5 million to S$33.6 million due mainly due to the new contribution from The Clement Canopy residential project in Singapore launched for sale in February 2017 and full-year contribution from the UK Holborn property which was acquired in November 2016.

Earnings per share rose to 21.1 Singapore cents from 20.2 Singapore cents in the preceding year. Net asset value per share crept up to S$4.56 as at Dec 31, from S$4.39 a year ago.

UIC is recommending a first-and-final dividend per share of 3 Singapore cents, unchanged from the preceding year. UIC shares finished one Singapore cent higher at S$3.34 on Friday.