UOL posts 134% jump in full-year profit to record S$759m

Property developer United Overseas Land (UOL) has more than doubled its profit for 2007, helped by a S$590.5 million gain from investment properties.

Net earnings jumped 134 percent to a record S$759 million, boosted by higher income from property development, quoted investments, property investments and hotel operations.

Revenue rose 18 percent to S$709 million. The group benefited from the progressive recognition of revenues from the sale of residential projects such as Duchess Residences, Pavilion 11, Southbank, and The Regency at Tiong Bahru.

UOL’s hotel portfolio continues to perform well, especially in Singapore, Australia and Vietnam.

The developer says it remains cautiously optimistic about the property market in Singapore. It expects positive demand especially in the office and retail property sector.

UOL plans to launch 3 residential properties this year – Nassim Park Residences, a boutique project at Upper East Coast called Breeze by the East, and a site formerly known as Green Meadows along Upper Thomson Road. – CNA/ch

Source : Channel NewsAsia – 20 Feb 2008

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