UOL Q3 profit up 600% on UIC deal

Singapore

UOL Group posted a 609 per cent jump in net profit to S$618.1 million for the third quarter ended Sept 30, 2017, on the back of a S$542.1 million gain on acquisition and consolidation arising from accounting for United Industrial Corporation (UIC) as a subsidiary.

This follows UOL's acquisition of 60 million UIC shares from Haw Par Corporation, which was completed on Aug 31 this year. Following the purchase, UOL's stake in UIC has risen to 48.96 per cent from 44.71 per cent previously.

UOL said in a news release: "The gain on acquisition and consolidation arose from the application of the accounting st…