Monday, February 20, 2012

UIC group's full-year profit down by 71%

PROPERTY development and investment group United Industrial Corporation (UIC) yesterday reported a 71 per cent drop in net profit to $214.2 million.

Revenue for the year ended Dec 31 fell by 33 per cent to $805.5 million due to lower sales of trading properties and lower rental income.

This was partially offset by higher revenue from its information technology and hotel operations...

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