UIC hit by sharp drop in fair value gains

Singapore

UNITED Industrial Corporation's (UIC) full-year net profit fell 35 per cent to S$260.55 million on the back of a huge decrease in fair value gain on investment properties.

Based on assessments by professional valuers as at Dec 31, 2015, on investment properties held by subsidiary companies, a fair value gain of S$18 million was booked in the income statement for the year ended Dec 31, 2015 - down from S$167.25 million for FY2014.