UOL’s Q3 profit rises 18%

Property developer UOL Group’s third-quarter profit increased to S$124.7 million, up 18 per cent from a year earlier.

The company’s revenue for the quarter rose 7 per cent on-year to S$345.2 million.

The increase was due to recognition of revenue from the sale of the group’s development properties, as well as the improved performance of hotel operations, UOL said.

UOL’s hotel properties include the Pan Pacific and the Parkroyal hotel chains, while its residential properties include Nassim Park Residences and Waterbank at Dakota.

The group expects robust economic growth in Singapore to boost its annual financial performance.

However, it expects measures by the government to cool the real-estate market to impact residential property sales.

UOL’s hotel portfolio, meanwhile, should continue to benefit from the growth of the tourism sector in Singapore and Asia, the group said.

Source : Channel NewsAsia – 10 Nov 2010

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