UIC net profit up 47% in Q2 on fair value gains

Singapore

PROPERTY group United Industrial Corp (UIC) has posted a net profit of S$108.5 million in the second quarter, up 47 per cent from the same period last year, lifted by fair value gains.

In the three months that ended June 30, UIC booked a $49.8 million million fair value gain on investment properties (net of non-controlling interests), reversing from a fair value loss of S$3 million in the same period last year.