http://www.straitstimes.com/archive/...es-19-20130301
COMPANIES
UOL's full-year profit rises 19%
Published on Mar 01, 2013
By Cheryl Ong
STEADY rental streams and increased property valuations helped lift UOL Group's full-year financial results yesterday.
Net profit for the 12 months to Dec 31 was up 19 per cent to $807.7 million. This was mainly thanks to rentals received from the group's offices and shopping malls, and a 181 per cent surge in fair value gains of its investment properties to $549.6 million.
Revenue for the year slumped 42 per cent to $1.15 billion, owing to slower sales of development properties and lower income from its hotel management services after Pan Pacific Singapore closed for renovations, UOL said.
But this was also partially because of the completion of several development projects in 2011 and early 2012. This included Duchess Residences and Panorama condominium in Kuala Lumpur.
UOL Group's chief executive Gwee Lian Kheng said yesterday: "Our financial year 2012 results reflect our strategy of deploying capital into investment assets that can generate recurrent income streams to smooth out the lumpiness of earnings from property development."
He also added that nearly $1 billion has been committed to projects that generate recurrent income streams, which is expected to boost the group's earnings in the next two years.
Earnings per share for the year ended Dec 31 were up to 105.06 cents from 88.12 cents the previous year. Net asset value also rose to $7.98 as at Dec 31, from $6.88 a year earlier.
The directors have recommended a first and final dividend of 15 cents per share. UOL's share price rose seven cents to close at $6.51 yesterday.
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