UIC posts higher FY18 profit on fair-value gains

Singapore

THE full-year profit for property group United Industrial Corp (UIC) for the year ended last Dec 31 rose five per cent year on year to S$313.37 million, strengthened partly by fair-value gains on investment properties.

This was despite its revenue slumping 49 per cent to S$656.97 million on the back of lower sales from property trading. Revenue from property trading was 89 per cent lower at S$87 million as the group's development projects were completed and "substantially sold" in 2017.