{"id":62970,"date":"2017-08-07T12:02:52","date_gmt":"2017-08-07T05:02:52","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-profit-up-59-in-q2\/"},"modified":"2017-08-07T12:10:07","modified_gmt":"2017-08-07T05:10:07","slug":"uol-net-profit-up-59-in-q2","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-profit-up-59-in-q2\/","title":{"rendered":"UOL net profit up 59% in Q2"},"content":{"rendered":"


\nMainly 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)
\nDespite a 59 percent increase in net profit in Q2 2017, UOL Group expressed concern on a possible \u201cdisconnect\u201d between recent residential land tender prices and achievable end sales.
\n\u201cTransaction volume in the residential sector has risen steadily but a sustainable recovery in end-sale prices will depend on the dynamics of economy, supply-demand and the rental market\u201d, said Liam Wee Sin, deputy group chief executive officer of UOL.
\nUOL saw its net profit soar from S$68.8 million in Q2 2016 to S$109.4 million in the second quarter of 2017, mainly due to higher revenue recognition from Singapore condominium project, Principal Garden, higher share of profit from associated companies as well as fair value gains on investment properties.
\nRevenue climbed 10 percent to S$399.1 million from S$363.55 million previously. Its property development segment, which accounted for 55 percent of group revenue, registered a 19 percent hike to S$221.2 million. Aside from Principal Garden, other projects that contributed to group revenue included Riverbank@Fernvale and Botanique at Bartley.
\nFor the six months ended 30 June, net profit jumped 30 percent to S$189.7 million, while revenue rose eight percent to S$749.8 million.
\nLiam revealed that its hospitality and investment businesses are expected to performed well despite challenging economic conditions.
\n\u201cThe recent acquisition of a hotel in Melbourne, which is branded as Pan Pacific Melbourne will further strengthen our presence in Australia and our recurring income,\u201d he said, while noting that the retail sector remains the \u201cmost challenging due to the increasing pace and magnitude of disruption by e-commerce and other new platforms\u201d.
\n\u00a0
\nThis article was edited by Denise Djong.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…UOL net profit up 59% in Q2<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Mainly due to higher revenue recognition from its Singapore condominium project, Principal Garden, UOL saw...<\/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-62970","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-gnE","jetpack-related-posts":[{"id":22019,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uols-profit-plunges-55-in-q2-on-investment-losses\/","url_meta":{"origin":62970,"position":0},"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":[]},{"id":46019,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-profit-down-27-to-287m\/","url_meta":{"origin":62970,"position":1},"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":112328,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-profit-down-7-in-q3\/","url_meta":{"origin":62970,"position":2},"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":67062,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-to-ride-on-housing-market-rebound\/","url_meta":{"origin":62970,"position":3},"title":"UOL to ride on housing market rebound","date":"September 21, 2017","format":false,"excerpt":"\r The Raintree Gardens site was purchased in a UOL-led joint venture for $334.2 million. (Photo: JLL) UOL Group is expected to benefit from the recovery in Singapore\u2019s housing market as it had managed to acquire development sites at good prices, reported the Singapore Business Review. In particular, KGI believes\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":62970,"position":4},"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":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":62970,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/62970"}],"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=62970"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/62970\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=62970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=62970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=62970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}