UOL Q1 profit up on higher property development revenue
Group plans to launch Shanghai project this quarter and Clementi condo next year
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Singapore
UOL Group, which is involved in property and hotels, has posted a 4 per cent increase in net profit to S$77.08 million for the first quarter ended March 31, 2016 - due mainly to higher revenue contribution from ongoing as well as new property development projects.
Revenue rose 39 per cent to S$330.12 million, mainly because of higher progressive recognition of revenue from on-going property development projects, Riverbank@Fernvale and Seventy Saint Patrick's, as well as revenue from new projects, Botanique at Bartley and Principal Garden which were launched in March and October 2015 respectively.
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