UOL Group’s Q3 net earnings up 44% to S$105.6m

Mainboard-listed UOL Group on Friday said its third-quarter net earnings rose 44 per cent on-year to S$105.6 million.

This was on the back of a 21 per cent rise in revenue for the three months ended September to S$323.9 million.

UOL said progressive recognition of revenue from development properties helped boost its turnover in the quarter.

The company also recorded a higher share of profits from associated companies due to higher contributions from the progressive completion of Nassim Park Residences.

Looking ahead, UOL expects a more stable growth in Singapore’s residential market with the reinstatement of the confirmed list of the Government Land Sales programme.

Source : Channel NewsAsia – 13 Nov 2009

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