SINGAPORE (Feb 28): UOL Group has reported earnings of $478.8 million for FY2019 ended December, some 14% higher than earnings of $418.3 million a year ago. Earnings were boosted by fair value and other gains of $165.1 million in FY2019 compared to $85.3 million in FY2018.

"The biggest chunk of fair value gains came from our two London properties for which we were able to achieve positive rental reversion," says Wellington Foo, CFO of UOL. In addition, there was a 20 basis point capitalisation rate compression for the office tower at United Square and Odeon Tower, and a 5bps compression in the cap rate for Novena Square and One Pickering, Foo adds.

Revenue fell 5% to $2.3 billion from $2.4 billion last year. 

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