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UIC Q2 profit falls 33% to S$74.7m on fair value losses

SECOND-QUARTER net profit for United Industrial Corporation (UIC) tumbled 33 per cent to S$74.7 million for the second quarter ended June 30, 2017, from the previous year due to higher expenses, fair value losses on investment properties and smaller profits from non-controlling interests, the group said in a Singapore Exchange filing on Friday evening.

This was despite revenue shooting up 53 per cent to S$361.9 million from the preceding year. The growth in revenue was driven by higher sales of Pollen & Bleu and progressive sales recognition for V on Shenton, it said.

Earnings per share, including fair value gains and losses on investment properties, fell to 5.2 Singapore cents from 7.9 Singapore cents in the preceding year.

Net asset value per share crept up to S$4.44 as at June 30, 2017, from S$4.39 six months ago.

UIC shares finished unchanged at S$3.21 on Friday.

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