Saturday, May 12, 2012

UOL's Q1 earnings dive 63%


Business Times: Sat, May 12
UOL Group posted a 63 per cent year-on-year drop in net profit to $84 million for the first quarter ended March 31, 2012.

Group revenue was 59 per cent lower at $297.7 million, largely due to a 75 per cent decline in revenue from property development to $153.2 million.

The adoption of the INT FRS 115 accounting standard last year resulted in the recognition of $349 million in revenue in Q1 2011 for units in Duchess Residences sold under the deferred payment scheme.

Furthermore, Breeze by the East received its Temporary Occupation Permit (TOP) in Q1 last year, while lower contributions from Meadow@Peirce were clocked, following the receipt of TOP in February 2012.

The reporting period saw a 52 per cent fall in share of profits from associated companies to $27.8 million.

But taxation fell 69 per cent to $14.6 million helped by lower deferred income tax.

During the quarter, revenue from property investments rose 7 per cent to $41.9 million while gross revenue from hotel ownership and operations rose 22 per cent to $96.8 million.

Separately, Pan Pacific Hotels Group Limited (PPHG) - in which UOL Group owns an 81.6 per cent stake - reported a 65 per cent jump in net profit to $17.3 million in Q1...
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