http://www.businesstimes.com.sg/arch...cline-20130427

Published April 27, 2013

SingLand and UIC Q1 profits decline

By jasmine ng


OFFICE landlord Singapore Land and its parent company United Industrial Corporation (UIC) have reported declines in their first-quarter net earnings, weighed down by lower trading property sales.

For the three months ended March this year, SingLand said its net profit fell 11 per cent to $49.6 million, from $55.5 million a year ago.

On a per-share basis, earnings came in lower at 12 cents compared with 13.5 cents in the same period last year. The group's net asset value per share moved up to $12.55 from end-2012's $12.42.

Revenue for the quarter slumped 41 per cent year-on-year to $114.7 million. SingLand said this was mainly due to lower sales of trading properties with lower contribution from The Trizon project after it was completed in May last year.

Sales of properties held for sale plunged 71.6 per cent to $29.6 million, while cost of sales halved to $57.7 million from $124 million.

Higher contribution from the Archipelago project with progressive recognition of development profits (on a percentage of completion basis) lifted SingLand's share of joint ventures' profit to $4 million, from a loss of $1.3 million in Q1 last year.

Parent company United Industrial Corp posted a net profit of $39.8 million for Q1, a year-on-year decline of 10 per cent. Revenue fell 36 per cent to $150.1 million.

Gross rental income from investment properties edged down 2.3 per cent to $66.4 million.

Shares of UIC ended trading flat at $3 yesterday, while Sing-Land gained three cents to $9.20.