mr funny
13-05-10, 17:43
http://www.businesstimes.com.sg/sub/companies/story/0,4574,385568,00.html?
Published May 13, 2010
UOL posts 74% drop in Q1 net
By TEH SHI NING
UOL Group's net profit fell 74 per cent to $87.9 million for the first quarter ended March 31, from $331.8 million in Q109.
This was largely due to gains of $277.7 million from negative goodwill on the acquisition of United Industrial Corporation shares in Q1 last year, and the absence of such gains this time round.
Earnings per share fell to 11.21 cents from 41.68 cents, while the group's net asset value per share was $5.40 as at March 31. Excluding other gains and income tax, profit was in fact 55 per cent higher than in Q109, at $109.5 million.
Revenue rose 27 per cent to $249.2 million for the first quarter, from $196.7 million a year ago.
This was mainly due to higher progressive recognition of revenue from the sale of its development properties - property development posted a 48 per cent rise in revenue.
Improved revenue per available room across most of the Group's hostels also lifted hotel operations revenue by 12 per cent.
Despite a challenging office market, contribution from property investments rose a smaller 4 per cent, held up by high occupancy rates and stable rental income.
UOL also gained from higher profits at its associated companies, mainly due to the full quarter's share of profits from UIC, and higher profit recognition from the sale of units in Nassim Park Residences and One Amber.
Group chief executive Gwee Lian Kheng said that the company 'hopes to see sustained interest in the residential market' given Singapore's positive economic outlook and 'recent enthusiasm in land-bidding and home-buying activities'.
The company expects retail rentals to hold up, but said office rentals may ease marginally for the rest of this year. Recovery in the tourism industry in Singapore and the region is expected to benefit the Group's hotels.
UOL's listed subsidiary Pan Pacific Hotels Group yesterday reported a 16 per cent increase in both net profit and revenue to $12.7 million and $77.5 million respectively.
Pan Pacific Hotels said that the revenue increase came largely from better hotel performance and the stronger Australian dollar. It expects all hotels to benefit from higher revenue per available room as tourism picks up, with the exception of Pan Pacific Suzhou which will continue to be affected by increased competition.
UOL shares closed 2 cents up at $3.66 yesterday.
Published May 13, 2010
UOL posts 74% drop in Q1 net
By TEH SHI NING
UOL Group's net profit fell 74 per cent to $87.9 million for the first quarter ended March 31, from $331.8 million in Q109.
This was largely due to gains of $277.7 million from negative goodwill on the acquisition of United Industrial Corporation shares in Q1 last year, and the absence of such gains this time round.
Earnings per share fell to 11.21 cents from 41.68 cents, while the group's net asset value per share was $5.40 as at March 31. Excluding other gains and income tax, profit was in fact 55 per cent higher than in Q109, at $109.5 million.
Revenue rose 27 per cent to $249.2 million for the first quarter, from $196.7 million a year ago.
This was mainly due to higher progressive recognition of revenue from the sale of its development properties - property development posted a 48 per cent rise in revenue.
Improved revenue per available room across most of the Group's hostels also lifted hotel operations revenue by 12 per cent.
Despite a challenging office market, contribution from property investments rose a smaller 4 per cent, held up by high occupancy rates and stable rental income.
UOL also gained from higher profits at its associated companies, mainly due to the full quarter's share of profits from UIC, and higher profit recognition from the sale of units in Nassim Park Residences and One Amber.
Group chief executive Gwee Lian Kheng said that the company 'hopes to see sustained interest in the residential market' given Singapore's positive economic outlook and 'recent enthusiasm in land-bidding and home-buying activities'.
The company expects retail rentals to hold up, but said office rentals may ease marginally for the rest of this year. Recovery in the tourism industry in Singapore and the region is expected to benefit the Group's hotels.
UOL's listed subsidiary Pan Pacific Hotels Group yesterday reported a 16 per cent increase in both net profit and revenue to $12.7 million and $77.5 million respectively.
Pan Pacific Hotels said that the revenue increase came largely from better hotel performance and the stronger Australian dollar. It expects all hotels to benefit from higher revenue per available room as tourism picks up, with the exception of Pan Pacific Suzhou which will continue to be affected by increased competition.
UOL shares closed 2 cents up at $3.66 yesterday.