Cash count must balloon by next quarter.
According to DBS, UOL reported a set of 3Q12 results that were in line with expectations.
Here's more from DBS:
Net profits declined 13% y-o-y to $87.8m on a 33% decline in revenue to $277.7m, led largely by a drop in residential contributions due to completion of the group’s development projects even as the hotels and rental income segments remained relatively stable.
Associate contributions dipped on lower contributions from the closure of the Pan Pacific Singapore.
Planned residential launches, resumption of Pan Pac Spore to boost earnings. Looking ahead, we expect Q4 to be lifted by higher hotel contributions with the re-opening of the Pan Pacific Singapore and the commencement of profit recognition of the Archipelago (99% sold), while the Katong Regency (100% sold) profits should be felt from FY13.
The group is expected to market 2 projects next year – St Patrick’s Garden en bloc site and the recently won government land parcel at Bright Hill Drive, with a total attributable 0.4msf GFA.
This has extended the group’s income visibility in the medium term. With a gearing position of 0.38x, it is in a good position to add to its landbank, on a selective basis.
Meanwhile, hotel operations should pick up with the re-opening of Pan Pacific Singapore as well as the scheduled opening of the Parkroyal on Pickering Street.
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)
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