UOL Q1 profit up on higher property development revenue

Group plans to launch Shanghai project this quarter and Clementi condo next year

Kalpana Rashiwala

Published Thu, May 12, 2016 · 09:50 PM

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.