mr funny
14-08-10, 04:19
http://www.businesstimes.com.sg/sub/companies/story/0,4574,398601-1281211140,00.html?
Published August 7, 2010
SingLand, UIC turn around in Q2
SingLand posts a net profit of $60m and UIC $79.1m; big fair-value losses a year ago give way to fair-value gains
By ARTHUR SIM
PROPERTY sales at Singapore Land (SingLand) lifted net profit for the second quarter ended June 30 to $60 million compared with a net loss of $344.7 million a year ago when its results were dampened by a huge fair-value loss on investment properties.
Revenue for the quarter climbed 68 per cent to $144.2 million from $85.7 million a year ago. This was attributed to sales of the residential developments The Trizon (Singapore) and The Excellency (Chengdu, China). Progressive revenue recognition of The Trizon and The Excellency amounted to $53.5 million.
Revenue at its Pan Pacific Singapore hotel also increased by 34 per cent to $27.6 million.
SingLand's improved Q2 results rubbed off on parent UIC, which saw net profit rise to $79.1 million from a net loss of $251.8 million a year ago. Revenue rose 7 per cent to $291.8 million from $271.5 million a year ago.
For Q2 2009, UIC booked fair-value losses of $526.1 million on investment properties held by subsidiary companies. That was the period when SingLand reported fair-value loss on investment properties of $492 million.
SingLand and UIC booked fair-value gains of $10.1 million and $19.8 million respectively for the second quarter this year.
According to SingLand's quarterly financial report, gross rental income from investment properties at $61.7 million was lower by $1.8 million or 3 per cent, with lower rental and occupancy rates.
In its financial reports, SingLand and UIC both said the office market has shown signs of improvement and despite the significant increase in retail space, the Singapore retail leasing market is expected to be relatively stable with rising consumer confidence and tourist arrivals.
For SingLand, earnings per share for the second quarter, including fair-value gain/loss on investment properties, were 14.5 cents compared with a net loss of 83.6 cents a year ago.
For UIC, earning per share for the latest quarter, including fair-value gain/loss on investment properties, were 5.7 cents compared with a net loss of 18.3 cents a year ago.
At the end of the trading day yesterday, SingLand's share price was up one cent at $6.80 per share while UIC's share price was up one cent at $2.15 per share.
Published August 7, 2010
SingLand, UIC turn around in Q2
SingLand posts a net profit of $60m and UIC $79.1m; big fair-value losses a year ago give way to fair-value gains
By ARTHUR SIM
PROPERTY sales at Singapore Land (SingLand) lifted net profit for the second quarter ended June 30 to $60 million compared with a net loss of $344.7 million a year ago when its results were dampened by a huge fair-value loss on investment properties.
Revenue for the quarter climbed 68 per cent to $144.2 million from $85.7 million a year ago. This was attributed to sales of the residential developments The Trizon (Singapore) and The Excellency (Chengdu, China). Progressive revenue recognition of The Trizon and The Excellency amounted to $53.5 million.
Revenue at its Pan Pacific Singapore hotel also increased by 34 per cent to $27.6 million.
SingLand's improved Q2 results rubbed off on parent UIC, which saw net profit rise to $79.1 million from a net loss of $251.8 million a year ago. Revenue rose 7 per cent to $291.8 million from $271.5 million a year ago.
For Q2 2009, UIC booked fair-value losses of $526.1 million on investment properties held by subsidiary companies. That was the period when SingLand reported fair-value loss on investment properties of $492 million.
SingLand and UIC booked fair-value gains of $10.1 million and $19.8 million respectively for the second quarter this year.
According to SingLand's quarterly financial report, gross rental income from investment properties at $61.7 million was lower by $1.8 million or 3 per cent, with lower rental and occupancy rates.
In its financial reports, SingLand and UIC both said the office market has shown signs of improvement and despite the significant increase in retail space, the Singapore retail leasing market is expected to be relatively stable with rising consumer confidence and tourist arrivals.
For SingLand, earnings per share for the second quarter, including fair-value gain/loss on investment properties, were 14.5 cents compared with a net loss of 83.6 cents a year ago.
For UIC, earning per share for the latest quarter, including fair-value gain/loss on investment properties, were 5.7 cents compared with a net loss of 18.3 cents a year ago.
At the end of the trading day yesterday, SingLand's share price was up one cent at $6.80 per share while UIC's share price was up one cent at $2.15 per share.