UOL's full-year profit down 27% on net fair value and other losses

UOL Group on Friday posted a net profit of S$287.04 million for the year ended Dec 31, 2016, down 27 per cent from the previous year's S$391.39 million.

The lower bottom line was due partly to the property and hospitality group reporting attributable net fair value and other losses of S$37.2 million in FY2016 - compared with fair value and other gains of S$41 million in FY2015. Also contributing to the net profit decline were lower dividend income and lower share of profit from joint-venture companies.

Revenue rose 13 per cent to S$1.44 billion.

Earnings per share slipped to 35.82 Singapore cents in FY2016 from 49.39 Singapore cents in FY2015.

Net asset value per share rose to S$10.10 as at end-December 2016 from S$9.91 as at end-Dec 2015.

UOL closed six Singapore cents lower at S$6.65 on Friday.

UOL has proposed a first and final dividend of 15 Singapore cents per share, unchanged from the previous year.