UOL Group posts Q1 net profit of $230m

Property company UOL Group says its first quarter net profit rose by 133 percent on-year to hit $230 million for the three months ended March 31st.

Its revenue for the quarter increased by 103 percent to $725 million.

UOL says its results for 2010 were restated due to the adoption of new accounting policies effective from 1 January this year.

Excluding the effects of this adoption, attributable net profit would have been $125 million for the first quarter, up 43 percent on-year.

UOL says the strong first-quarter performance came mainly from higher progressive recognition of development income.

This was from the launches of residential projects in recent years and a higher share of profit of associated companies primarily from the profit recognition of Nassim Park Residences.

Higher recurring income from the Group’s portfolio of retail and office properties as well as from its serviced apartment business also helped lift overall performance in the first quarter.

Source : Channel NewsAsia – 13 May 2011

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