United Industrial Corporation (UIC) saw a 85% plunge in its earnings for the FY2020 ended December to $90.2 million, from $605.1 million a year ago.

Excluding a fair value loss on investment properties amounting to $125.8 million, earnings for the full-year would have been 12% y-o-y lower at $217.7 million.

This was partly due to the derecognition of an associate during the year. The gain of $272.8 million in FY2019 arose from Marina Centre Holdings Private Limited’s (MCH) acquisition of an additional 25% interest in its 50%-held associate, Aquamarine Hotel Private Limited (AHPL).

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