UOL 3Q earnings down more than sixfold to S$93m post UIC consolidation

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SINGAPORE (Nov 13): UOL Group announced S$92.8 million in earnings for the 3Q ended Sept, down more than sixfold from its restated 3Q17 earnings of S$609.2 million in the absence of a one-off gain from the consolidation of United Industrial Corporation (UIC) group in 2017.  

Revenue for the quarter fell 3% to S$523.8 million from S$537.9 million a year ago on lower revenue from property development, which more than offset revenue contributions from property investments, hotel ownership & operations, as well as management services and technologies.

The decline in revenue from property development was mainly due to lower recognition from Alex Residences, which was completed in Sept 2017, as well as Principal Garden and Botanique at Bartley as the projects approach... (Click here to read the full story)