UIC's Q1 earnings flat at S$59.8m

UNITED Industrial Corp's net profit for the quarter to March was flat at S$59.8 million from S$59.7 million a year ago.

The property developer and investment company chalked up a 31 per cent rise in revenue to S$264.5 million from S$201.3 million largely owing to higher sales recognition from trading properties. This stemmed from higher progressive revenue recognition for its residential projects, particularly from V on Shenton and Alex Residences, it said in an announcement.

Earnings per share came in at 4.2 Singapore cents - unchanged from the year-ago period.

No dividend was recommended for the quarter, same as the previous year.