{"id":112328,"date":"2019-11-13T11:31:12","date_gmt":"2019-11-13T04:31:12","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-profit-down-7-in-q3\/"},"modified":"2019-11-13T12:03:13","modified_gmt":"2019-11-13T05:03:13","slug":"uol-net-profit-down-7-in-q3","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-profit-down-7-in-q3\/","title":{"rendered":"UOL net profit down 7% in Q3"},"content":{"rendered":"


\nThe drop in revenue was partially offset by higher progressive recognition of revenue from The Tre Ver and Amber45, as well as higher sales from the group\u2019s management services and technology segment. Photo: UOL
\nUOL Group saw its net profit for the third quarter ended 30 September 2019 drop 7% to $80 million mainly due to lower profit from property development.
\nIn Q3 2019, group revenue declined 10% to $476.6 million, on the back of lower progressive recognition of revenue from three of its development projects \u2013 namely, Principal Garden, The Clement Canopy and Botanique at Bartley, which secured temporary occupation permit in December 2018, March and April 2019 respectively.
\nThe drop in revenue was partially offset by higher progressive recognition of revenue from The Tre Ver and Amber45, as well as higher sales from the group\u2019s management services and technology segment.
\nRevenue from property development declined 34% to $109.3 million.
\nRevenue from property investments climbed 1% to $137.4 million, while revenue for hotel ownership and operations dipped 3% to $166.3 million mainly due to lower room rates and occupancies at PARKROYAL Darling Harbour and Marina Mandarin, as well as ongoing refurbishment works at PARKROYAL on Kitchener Road.
\nThe group\u2019s revenue from management services and technologies jumped 22% to $41.2 million while dividend income rose 10% $22.4 million.
\nGroup expenses, on the other hand, grew 2% to $115.8 million.
\nFor the nine months ended 30 September, net profit increased 19% to $347.8 million while revenue dropped 5% to $1.73 billion.
\nIn a release, UOL noted that the Singapore residential market \u201chas shown signs of improvement with strong underlying demand\u201d.
\nIt revealed that its Avenue South Residence project emerged as the top-selling project within the city-state for September, with over 400 units booked\/sold since its August launch.
\nPreviously launched projects, The Tre Ver and Amber45, were also well received with 86% and 80% of total units booked\/sold respectively.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…UOL net profit down 7% in Q3<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The drop in revenue was partially offset by higher progressive recognition of revenue from The...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-112328","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-tdK","jetpack-related-posts":[{"id":114648,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-profit-up-14-to-478-8m-in-2019\/","url_meta":{"origin":112328,"position":0},"title":"UOL net profit up 14% to $478.8m in 2019","date":"March 2, 2020","format":false,"excerpt":"\r The company attributed the hike to higher attributable fair value and other gains of $165.1 million compared with the previous year\u2019s $85.3 million. Photo: Avenue South Residence UOL Group saw its net profit for the full year ended 31 December 2019 increase 14% to $478.8 million from $418.3 million\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":33856,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-report-mixed-results-in-q3\/","url_meta":{"origin":112328,"position":1},"title":"Developers report mixed results in Q3","date":"November 11, 2016","format":false,"excerpt":"\r Property developer UOL Group has posted a 14 percent drop in net attributable profit for the third quarter. Singapore developers posted mixed results in the third quarter of 2016, with City Developments Limited (CDL) reporting a profit increase and UOL Group registering a decline. CDL saw its net profit\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104451,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-group-to-launch-two-condo-projects-in-second-quarter\/","url_meta":{"origin":112328,"position":2},"title":"UOL Group to launch two condo projects in second quarter","date":"February 27, 2019","format":false,"excerpt":"\r The upcoming Avenue South Residence near the 24km-long Rail Corridor is touted as one of Singapore\u2019s tallest condominiums. Developer UOL Group is preparing to launch two residential projects in Singapore during the second quarter of 2019, according to an SGX filing on Tuesday (26 Feb). One of them is\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":54789,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-attributable-profit-up-4-in-q1\/","url_meta":{"origin":112328,"position":3},"title":"UOL net attributable profit up 4% in Q1","date":"May 15, 2017","format":false,"excerpt":"\r UOL Group\u2019s revenue increased six percent on the back of higher progressive recognition of revenues from ongoing residential projects Principal Garden and Botanique at Bartley (pictured) (Image: UOL Group Limited). UOL Group Limited saw its net profit increase by four percent to S$80.3 million in Q1 2017, mainly due\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118275,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-posts-82-1mil-net-loss-in-1h-2020\/","url_meta":{"origin":112328,"position":4},"title":"UOL posts $82.1mil net loss in 1H 2020","date":"August 18, 2020","format":false,"excerpt":"\r Clavon is set to launch in Q4 2020. Photo: UOL Group.\u00a0 UOL Group reported a net attributable loss of $82.1 million in the first half of 2020 mainly due to fair value losses on investment properties, including serviced suites and retail malls which were significantly affected by COVID-19. This\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":91370,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-to-launch-new-condo-after-good-sales-at-amber45\/","url_meta":{"origin":112328,"position":5},"title":"UOL to launch new condo after good sales at Amber45","date":"June 14, 2018","format":false,"excerpt":"\r Artist\u2019s impression of The Tre Ver, an upcoming condominium project in Potong Pasir. (Photo: UOL Group) UOL Group\u2019s freehold Amber45 condominium in District 15 continues to draw buyers, with about 65 percent of the 139 units already sold, up from 55 to 60 percent during the launch in mid-May,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/112328"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=112328"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/112328\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=112328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=112328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=112328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}