UOL Q1 net profit down 5% on accounting reversal

Singapore

PROPERTY group UOL's net profit fell 5 per cent year-on-year to S$72.36 million for the first quarter ended March 31 after an accounting reversal of S$31.9 million relating to the consolidation of United Industrial Corporation (UIC). Stripping out the accounting reversal, net profit would have actually increased 27 per cent to S$104.3 million, from S$82.4 million in Q1 2018.

Group revenue rose 12 per cent to S$741.21 million, boosted by recognition of property development revenue from sales of Park Eleven in Shanghai; the remaining 103 of the 150 units sold as at the end of 2018 were handed over in Q1 2019.