UOL logs 3% dip in profit to $785.8m

Singapore

UOL Group posted a 3 per cent fall in net profit to $785.8 million for the financial year ended Dec 31 as weaker sales of residential units offset stronger hotel revenue and higher rental income from offices and shopping malls.

The group revenue for fiscal 2013 slipped 8 per cent from a year ago to $1.06 billion while fair value gains on the group's investment properties and associated companies fell by nearly 9 per cent to $500.9 million.