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UOL full-year profit dives 97% to S$13m; better second-half more than offsets H1 loss

Group sees subdued office demand and uncertain retail outlook

Published Sat, Feb 27, 2021 · 05:50 AM

UOL

Singapore

UOL Group's FY20 net profit plunged 97 per cent to S$13.1 million, from S$478.8 million a year earlier.

This was due mainly to attributable fair-value losses on its investment properties and other losses totalling S$246.7 million, compared to gains of S$165.1 million previously.

The group suffered a decline in fair value on its commercial properties and serviced suites such as Pan Pacific London and Pan Pacific Melbourne, due to the impact of the pandemic.

Excluding fair-value and other gains/losses, UOL's net profit would have declined 17 per cent to S$259.8 million, ag…