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UIC registers flat 1Q earnings at $60 mil despite higher revenue

Michelle Zhu
Michelle Zhu4/28/2017 05:41 PM GMT+08  • 2 min read
UIC registers flat 1Q earnings at $60 mil despite higher revenue
SINGAPORE (April 28): United Industrial Corporation (UIC), the property development and investment company, posted $60 million in earnings for the first quarter ended March 31, relatively unchanged from a year ago.
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SINGAPORE (April 28): United Industrial Corporation (UIC), the property development and investment company, posted $60 million in earnings for the first quarter ended March 31, relatively unchanged from a year ago.

This comes in spite of a 31% rise in 1Q revenue to $264.5 million from $201.3 million in the same quarter in the previous year.

The surge in revenue was mainly driven by an 81% increase in sales recognition from the sales of trading properties to $127.3 million on higher progressive revenue for the group’s residential projects, particularly from V on Shenton and Alex Residences.

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