{"id":114648,"date":"2020-03-02T11:43:35","date_gmt":"2020-03-02T04:43:35","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-profit-up-14-to-478-8m-in-2019\/"},"modified":"2020-03-02T12:03:59","modified_gmt":"2020-03-02T05:03:59","slug":"uol-net-profit-up-14-to-478-8m-in-2019","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-profit-up-14-to-478-8m-in-2019\/","title":{"rendered":"UOL net profit up 14% to $478.8m in 2019"},"content":{"rendered":"


\nThe 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
\nUOL Group saw its net profit for the full year ended 31 December 2019 increase 14% to $478.8 million from $418.3 million in 2018.
\nThe 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.
\nRevenue, however, declined 5% to $2.3 billion on lower progressive revenue recognition from three development projects \u2013 namely, The Clement Canopy, Botanique at Bartley and Principal Garden.
\nThe drop in revenue was partially offset by increased revenue recognition from development projects such as Amber45, Avenue South Residence, The Tre Ver and Park Eleven in Shanghai as well as higher sales from United Industrial Corporation Limited\u2019s (UIC) technology business.
\nRevenue from property investments climbed 2% to $551.7 million. Hotel ownership and operations, on the other hand, declined 4% to $653.7 million as \u201coperations were affected by the closure of Pan Pacific Orchard for redevelopment and lower contributions from PARKROYAL COLLECTION Marina Bay (the former Marina Mandarin Singapore), PARKROYAL Darling Harbour and Pan Pacific Suzhou which was sold in December 2019, as well as refurbishment works at PARKROYAL on Kitchener Road\u201d, revealed the property developer in a release.
\nRevenue from management services and technology jumped 25% to $175.6 million. Dividend income also grew 15% to $55.2 million during the period under review.
\nUOL noted that buying sentiment for new homes in Singapore was dampened by the COVID-19 outbreak, while the hospitality industry was adversely affected.
\n\u201cTo that end, we appreciate the Government\u2019s comprehensive Budget that considers various segments of the society and businesses, and safeguards for employment,\u201d said UOL Group Chief Executive Liam Wee Sin.
\nIn fact, the group intends to pass on the property tax rebates to its retail tenants, which was affected by lower footfall and spending.
\n\u201cThe construction industry is also dealing with labour shortage and uncertainties in the supply chain. The externalities have clearly deteriorated and this may eventually warrant a review on the extension of ABSD deadline,\u201d noted Liam.
\n\u201cFor now, it is our hope that the COVID-19 outbreak can be contained as soon as possible so that businesses can return to normalcy.\u201d
\nUOL directors proposed a first and final dividend of 17.5 cents per share, unchanged from 2018.
\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 up 14% to 8.8m in 2019<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The company attributed the hike to higher attributable fair value and other gains of $165.1...<\/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-114648","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-tPa","jetpack-related-posts":[{"id":118275,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-posts-82-1mil-net-loss-in-1h-2020\/","url_meta":{"origin":114648,"position":0},"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":54789,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-attributable-profit-up-4-in-q1\/","url_meta":{"origin":114648,"position":1},"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":33856,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-report-mixed-results-in-q3\/","url_meta":{"origin":114648,"position":2},"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":62970,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-profit-up-59-in-q2\/","url_meta":{"origin":114648,"position":3},"title":"UOL net profit up 59% in Q2","date":"August 7, 2017","format":false,"excerpt":"\r Mainly due to higher revenue recognition from its Singapore condominium project, Principal Garden, UOL saw its net profit increase from\u00a0S$68.8 million in Q2 2016 to S$109.4 million in the second quarter of 2017. (Image: UOL Group Limited) Despite a 59 percent increase in net profit in Q2 2017, UOL\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112328,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-profit-down-7-in-q3\/","url_meta":{"origin":114648,"position":4},"title":"UOL net profit down 7% in Q3","date":"November 13, 2019","format":false,"excerpt":"\r The 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 UOL Group saw its net profit for the third quarter ended 30 September 2019 drop\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22019,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uols-profit-plunges-55-in-q2-on-investment-losses\/","url_meta":{"origin":114648,"position":5},"title":"UOL's profit plunges 55% in Q2 on investment losses","date":"August 5, 2016","format":false,"excerpt":"\r Artist\u2019s impression of Botanique at Bartley by UOL Group. Property developer UOL Group has reported a 55 percent slump in net profit to S$68.8 million in the second quarter ended 30 June 2016, due mainly to fair value losses on investment properties. The Singapore-listed company recorded losses totalling S$21.5\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\/114648"}],"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=114648"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/114648\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=114648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=114648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=114648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}