UOL Group posts 97% drop in FY2020 net profit

NET profit for UOL Group plunged 97 per cent to S$13.1 million for the year ended Dec 31, 2020, on the back of attributable fair value and other losses of S$246.7 million.

The property company had recorded attributable fair value and other gains of S$165.1 million in FY2019.

Revenue shrank 13 per cent to S$2 billion from S$2.3 billion a year ago, with the biggest decline in its hotel operations. The segment's revenue fell 62 per cent to S$246.5 million owing to the impact of Covid-19 especially on hotels in Singapore and Australia, as well as the closure of two hotels for refurbishments and absence of revenue from a hotel that was sold.

Earnings per share was 1.56 Singapore cents, compared to 56.79 Singapore cents in FY2019.

UOL proposed a first and final cash dividend of 15 Singapore cents per ordinary share. In the previous year, it paid out 17.5 Singapore cents per share.

Shares of UOL closed at S$7.39 on Friday, down 13 Singapore cents or 1.73 per cent.