UOL Group full-year net profit up 76%

A buoyant property market in Singapore has lifted the full-year net profit of UOL Group by 76 per cent to S$745.8 million for the period ended December 31 last year.

UOL said its higher net profit came on the back of strong property sales, where 1,240 residential units were sold last year. That boosted group revenue to hit a record S$1.3 billion.

The increased earnings was also due to the progressive recognition of profits from the sale of units in Nassim Park Residences and gains from its property investments.

UOL’s project launches last year included Waterbank at Dakota and Terrene at Bukit Timah, which were both sold out projects. Another project Spottiswoode Residences was launched in November and was already 76 per cent taken up by end December.

UOL’s property development arm contributed 60 per cent to its turnover, while its hotel operations segment also registered good growth.

Revenue for property development rose 46 per cent to S$781.1 million from S$533.8 million in the previous year.

Earnings from hotel operations went up 10 per cent to S$325.1 million boosted by the uptrend in tourism and travel.

UOL Group chief executive Gwee Lian Kheng said the group’s strong balance sheet will allow the company to invest in its businesses, which include replenishing its landbank in Singapore.

The company has recommended a first and final dividend of 10 cents per share and a special dividend of 5 cents per share.

This is a 50 per cent increase from the previous year and is subject to shareholder approval in April.

Source : Channel NewsAsia – 22 Feb 2011

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