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UOL 2Q earnings rise 59% to $109.4 mil

Samantha Chiew
Samantha Chiew8/4/2017 6:52 PM GMT+08  • 2 min read
UOL 2Q earnings rise 59% to $109.4 mil
SINGAPORE (Aug 4): UOL reported 2Q17 earnings rose 59% to $109.4 million from a year ago due mainly to higher progressive recognition of revenue from Principal Garden, a condominium project in Singapore, higher share of profit from associated companies an
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SINGAPORE (Aug 4): UOL reported 2Q17 earnings rose 59% to $109.4 million from a year ago due mainly to higher progressive recognition of revenue from Principal Garden, a condominium project in Singapore, higher share of profit from associated companies and fair value gains on investment properties.

Attributable fair value gains and other gains totalled $9.2 million against $21.5 million losses in the previous corresponding quarter caused substantially by the increase in valuation of Novena Square and United Square.

Group revenue rose 10% to $399.1 million in the second quarter. Property development, which accounted for 55% of Group revenue, posted a 19% increase to $221.2 million. Besides Principal Garden, other projects that contributed to group revenue included Botanique at Bartley and Riverbank @ Fernvale.

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