mr funny
18-05-11, 14:08
http://www.businesstimes.com.sg/sub/companies/story/0,4574,438974-1305403140,00.html?
Published May 14, 2011
UOL reports 133% jump in Q1 profit
By UMA SHANKARI
UOL Group yesterday announced a 133 per cent rise in net profit to $230 million for the three months ended March 31, 2011, up from the restated $98.7 million a year ago.
This is on the back of a 102 per cent jump in revenue to $725.1 million in the first quarter of this year, up from the restated Q1 2010 revenue of $358.9 million.
The results for 2010 were restated due to the adoption of the Financial Reporting Standard INT FRS 115. Excluding the effects of the adoption, net profit for Q1 2011 would have been $125.3 million, up 43 per cent from the previous corresponding period.
The stronger year-on-year performance came mainly from higher progressive development income recognised from residential projects launched in recent years, as well as a higher share of profit from associated companies.
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 Q1 2011.
'Our first-quarter results bear the fruits of a number of successful launches of residential projects in Singapore in recent years,' said Gwee Lian Kheng, UOL's group chief executive.
Earnings per share for the quarter were up 135 per cent at 29.59 cents from the restated 12.59 cents for Q1 2010.
Looking ahead, Mr Gwee said that the recent acquisitions of the freehold Lion City Hotel site and a 99-year-leasehold residential plot at Bedok Reservoir helped to replenish UOL's land bank in Singapore and will contribute to earnings visibility in the coming years.
In January 2011, UOL bought Lion City Hotel and the adjoining former Hollywood Theatre site for $313 million. And in March 2011, it teamed up with Singapore Land to put in the top bid of $320 million for a residential site on Bedok Reservoir Road at the close of a state land tender.
UOL's commercial properties are also expected to enjoy growth in average rents, Mr Gwee said. He added that the outlook for the tourism sector in Singapore and the region was expected to remain positive and the majority of the company's hotels and service suites should continue to benefit from it.
UOL shares gained six cents to close at $4.90 yesterday.
Published May 14, 2011
UOL reports 133% jump in Q1 profit
By UMA SHANKARI
UOL Group yesterday announced a 133 per cent rise in net profit to $230 million for the three months ended March 31, 2011, up from the restated $98.7 million a year ago.
This is on the back of a 102 per cent jump in revenue to $725.1 million in the first quarter of this year, up from the restated Q1 2010 revenue of $358.9 million.
The results for 2010 were restated due to the adoption of the Financial Reporting Standard INT FRS 115. Excluding the effects of the adoption, net profit for Q1 2011 would have been $125.3 million, up 43 per cent from the previous corresponding period.
The stronger year-on-year performance came mainly from higher progressive development income recognised from residential projects launched in recent years, as well as a higher share of profit from associated companies.
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 Q1 2011.
'Our first-quarter results bear the fruits of a number of successful launches of residential projects in Singapore in recent years,' said Gwee Lian Kheng, UOL's group chief executive.
Earnings per share for the quarter were up 135 per cent at 29.59 cents from the restated 12.59 cents for Q1 2010.
Looking ahead, Mr Gwee said that the recent acquisitions of the freehold Lion City Hotel site and a 99-year-leasehold residential plot at Bedok Reservoir helped to replenish UOL's land bank in Singapore and will contribute to earnings visibility in the coming years.
In January 2011, UOL bought Lion City Hotel and the adjoining former Hollywood Theatre site for $313 million. And in March 2011, it teamed up with Singapore Land to put in the top bid of $320 million for a residential site on Bedok Reservoir Road at the close of a state land tender.
UOL's commercial properties are also expected to enjoy growth in average rents, Mr Gwee said. He added that the outlook for the tourism sector in Singapore and the region was expected to remain positive and the majority of the company's hotels and service suites should continue to benefit from it.
UOL shares gained six cents to close at $4.90 yesterday.