Complete Property Market Updates of Singapore

April 30, 2008

UIC profit surges 45% to $32m

Filed under: 1 — Propertymarketupdates @ 4:45 am

HIGHER property sales and robust rental income drove first-quarter net profit at United Industrial Corporation (UIC) up 45 per cent to $32.1 million.

UIC, which includes Singapore Land as a subsidiary, said revenue had also surged an impressive 85 per cent to $150.4 million.

This was mainly because of the consolidation of revenue from Pan Pacific Hotel and higher sale of properties held for sale, which are recognised on percentage of completion basis.

Gross rental income for the three months ended March 31 was $62.9 million, up $9.9 million or 19 per cent, over the same period last year, largely because of higher rental rates, the company said.

Its strong performance saw earnings per share rise from 1.6 cents at the end of the first quarter last year to 2.3 cents.

Net asset value per ordinary share for the group improved to $2.44 from $2.42 at the end of December last year.

Its unit Singapore Land, which also released results yesterday, saw similarly improved numbers. Net profit was up 20 per cent to $33.7 million on the back of an 85 per cent gain in revenue to $83 million.

Earnings per share grew from 6.8 cents to 8.2 cents while net asset value per share was $10, up from the $9.92 at the end of December last year.

Like Singapore Land, UIC is bullish about the office and retail rental sectors.

It said: ‘The Singapore…market is expected to remain positive with moderate economic growth and tight supply of office space.

‘With the ongoing global financial and economic uncertainties, the cautious sentiment in the private home market is expected to prevail.’

Source : Straits Times – 26 Apr 2008

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