mr funny
14-08-10, 04:19
http://www.businesstimes.com.sg/sub/companies/story/0,4574,398605-1281211140,00.html?
Published August 7, 2010
UOL rebounds to post Q2 profit of $147.8m
By EMILYN YAP
UOL Group staged a comeback for the second quarter ended June 30, helped by higher earnings from property development, property investments and hotel operations and a favourable shift in investment property fair value.
Net profit in Q2 was $147.8 million, reversing from a net loss of $20.1 million a year ago. As a result, earnings per share was 18.88 cents, up from a loss per share of 2.53 cents last year.
The improved showing came on the back of a 50 per cent jump in revenue to $320.4 million.
Property development was the biggest contributor to the top line, raking in $186.7 million - twice the amount earned last year. Progressive recognition of revenues from the sale of Meadows@Peirce, Duchess Residences, Double Bay Residences and Waterbank at Dakota contributed to this.
Gross revenue from hotel operations was $78.3 million, up 16 per cent from a year ago. Property investments brought in another $36.7 million, which is 4 per cent higher year-on-year.
UOL also benefited from a $24.8 million fair value gain on investment properties, versus a fair value loss of $77.0 million last year.
For the first half, net profit was $235.7 million, down 24 per cent from a year ago. This was despite a 39 per cent increase in revenue to $569.7 million. First-half performance was comparatively weaker partly because UOL had recognised a negative goodwill of $277.7 million relating to acquisition of interests in associated companies for the year-ago period.
UOL continues to report strong property sales in Q3. It launched Terrene at Bukit Timah last month and 98 per cent of the 172-unit condominium has been taken up. Since January, the group has sold 970 residential units with a total sales value of about $1.3 billion.
UOL's subsidiary Pan Pacific Hotels Group also did well for the second quarter. Its net profit was $14.5 million - 2.5 times the $5.9 million last year.
Revenue grew 19 per cent to $78.4 million. Pan Pacific said that all its hotels, except those in Parramatta, Penang and Suzhou, posted an increase in revenue per available room.
For the first half, net profit was $27.2 million, up 61 per cent year-on-year. Revenue rose 18 per cent to $155.9 million.
UOL closed unchanged yesterday at $4.10. Pan Pacific gained one cent to end trading at $1.61.
Published August 7, 2010
UOL rebounds to post Q2 profit of $147.8m
By EMILYN YAP
UOL Group staged a comeback for the second quarter ended June 30, helped by higher earnings from property development, property investments and hotel operations and a favourable shift in investment property fair value.
Net profit in Q2 was $147.8 million, reversing from a net loss of $20.1 million a year ago. As a result, earnings per share was 18.88 cents, up from a loss per share of 2.53 cents last year.
The improved showing came on the back of a 50 per cent jump in revenue to $320.4 million.
Property development was the biggest contributor to the top line, raking in $186.7 million - twice the amount earned last year. Progressive recognition of revenues from the sale of Meadows@Peirce, Duchess Residences, Double Bay Residences and Waterbank at Dakota contributed to this.
Gross revenue from hotel operations was $78.3 million, up 16 per cent from a year ago. Property investments brought in another $36.7 million, which is 4 per cent higher year-on-year.
UOL also benefited from a $24.8 million fair value gain on investment properties, versus a fair value loss of $77.0 million last year.
For the first half, net profit was $235.7 million, down 24 per cent from a year ago. This was despite a 39 per cent increase in revenue to $569.7 million. First-half performance was comparatively weaker partly because UOL had recognised a negative goodwill of $277.7 million relating to acquisition of interests in associated companies for the year-ago period.
UOL continues to report strong property sales in Q3. It launched Terrene at Bukit Timah last month and 98 per cent of the 172-unit condominium has been taken up. Since January, the group has sold 970 residential units with a total sales value of about $1.3 billion.
UOL's subsidiary Pan Pacific Hotels Group also did well for the second quarter. Its net profit was $14.5 million - 2.5 times the $5.9 million last year.
Revenue grew 19 per cent to $78.4 million. Pan Pacific said that all its hotels, except those in Parramatta, Penang and Suzhou, posted an increase in revenue per available room.
For the first half, net profit was $27.2 million, up 61 per cent year-on-year. Revenue rose 18 per cent to $155.9 million.
UOL closed unchanged yesterday at $4.10. Pan Pacific gained one cent to end trading at $1.61.