Complete Property Market Updates of Singapore

June 10, 2008

UOL Q1 net profit falls 44%; outlook cautiously optimistic

Filed under: Financing,General — Propertymarketupdates @ 4:30 am

UOL Group Ltd on Wednesday reported net profit for the first quarter ended March 31, 2008 fell 44 per cent to $42.85 million, leaving the property and hotel group cautiously optimistic in its outlook.

Revenue rose 11 per cent to $161.72 million.

The increase in revenue came largely from improved performance of the group’s hotels in Singapore, Australia and Vietnam. Revenue from property investments also improved due to higher rental rates achieved for its investment properties.

Revenue from property development was marginally lower in the absence of revenues from Twin Regency and Newton Suites which were completed in 2007.

UOL said sentiments in the private residential market are likely to remain cautious while the increase in rental rates for office space is likely to be more moderate. The company is cautiously optimistic on the outlook of the tourism sector in Singapore and most of the region.

Source : Business Times – 14 May 2008

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