SINGAPORE (Nov 10): UOL posted a 14% drop in 3Q16 earnings to $87.1 million on lower gross profit margin and lower contributions from joint ventures.
Revenue for the quarter rose 11% to $393.3 million due to improvements in all business segments. Revenue for property development increased due to higher progressive recognition of revenue from projects [email protected], Botanique at Bartley and Principal Garden. Increase in revenue from hotel operations was mainly from Pan Pacific Tianjin, PARKROYAL Penang and PARKROYAL Parramatta.
Gross profit margin for 3Q16 dropped 6% to 33% due to higher revenue from property development which has a higher cost ratio and higher property development margin in FY15.
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