UIC posts 13.1% fall in Q3 net profit

Singapore

MAINBOARD-LISTED developer United Industrial Corp (UIC) said on Friday that it could take a year to figure out how to increase income from the consolidated Marina Mandarin hotel and shopping complex, even as third-quarter earnings slipped.

Net profit for the three months to Sept 30 fell by 13.1 per cent year on year to S$52.9 million, while revenue grew by 28 per cent to S$194.4 million. UIC and parent UOL Group consolidated their interest in the Marina Mandarin hotel complex in a S$675.3 million buyout in April, which improved hotel operations revenue.