{"id":22019,"date":"2016-08-05T10:01:27","date_gmt":"2016-08-05T03:01:27","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/uols-profit-plunges-55-in-q2-on-investment-losses\/"},"modified":"2016-08-05T10:03:21","modified_gmt":"2016-08-05T03:03:21","slug":"uols-profit-plunges-55-in-q2-on-investment-losses","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uols-profit-plunges-55-in-q2-on-investment-losses\/","title":{"rendered":"UOL's profit plunges 55% in Q2 on investment losses"},"content":{"rendered":"


\nArtist\u2019s impression of Botanique at Bartley by UOL Group.
\nProperty 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.
\nThe Singapore-listed company recorded losses totalling S$21.5 million against a S$53.8 million gain in the previous corresponding quarter.
\nBut group revenue in Q2 rose by six percent to S$363.6 million from a year ago, due mainly to higher progressive revenue recognition from residential projects under development, such as Riverbank@Fernvale, Seventy Saint Patrick\u2019s, Botanique at Bartley, and Principal Garden \u2013 which was launched in 2015.
\nSpecifically, property development revenue was up 14 percent to S$185.5 million in the quarter.
\nMeanwhile, UOL remains cautious on the outlook for the housing market. In a statement, Deputy Group CEO Liam Wee Sin said: \u201cMost of our residential projects have achieved relatively good take-up rate due to our strong product attributes. But with the intense competition and lack of confirmed sites in the government land sales, our concern is that land prices will be driven to an unhealthy level.\u201d
\nAt the same time, UOL expects office rentals to be under pressure from a large supply in the second half of the year. It also sees retail rents being buffeted by weak retail sales and increased competition.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…UOL’s profit plunges 55% in Q2 on investment losses<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Artist\u2019s impression of Botanique at Bartley by UOL Group. Property developer UOL Group has reported...<\/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-22019","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\/p75ss1-5J9","jetpack-related-posts":[{"id":62970,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-profit-up-59-in-q2\/","url_meta":{"origin":22019,"position":0},"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":54789,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-attributable-profit-up-4-in-q1\/","url_meta":{"origin":22019,"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":46019,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-profit-down-27-to-287m\/","url_meta":{"origin":22019,"position":2},"title":"UOL net profit down 27% to $287m","date":"February 27, 2017","format":false,"excerpt":"\r Artist\u2019s impression of The Clement Canopy, a new condominium being jointly developed by UOL Group.\u00a0 UOL Group\u2019s net profit for the financial year ended 31 December 2016 fell 27 percent to $287 million from $391 million during the previous year, mainly due to valuation losses on investment properties. Revenue\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":35120,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-to-launch-new-projects-in-clementi-potong-pasir-in-next-two-years\/","url_meta":{"origin":22019,"position":3},"title":"UOL to launch new projects in Clementi, Potong Pasir in next two years","date":"November 21, 2016","format":false,"excerpt":"\r The Clement Canopy in Clementi is set to be launched in early 2017. (Photo: URA) Property developer UOL Group is planning to launch two new residential projects in Clementi and Potong Pasir over the next two years, reported Singapore Business Review, citing a report from OCBC Investment Research. The\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":22019,"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":33856,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-report-mixed-results-in-q3\/","url_meta":{"origin":22019,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/22019"}],"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=22019"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/22019\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=22019"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=22019"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=22019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}