11 Nov '11, 10pm

UOL suffers 11% drop in Q3 profit

SINGAPORE - Property developer UOL Group yesterday said third-quarter net profit fell 11 per cent from the corresponding period a year earlier and sounded a note of caution amid global uncertainties. Net profit for the three months ended Sept 30 declined to S$101 million due mainly to lower contributions from associated companies and higher finance expenses. The share of profit of associated firms slumped 44 per cent to S$37 million due to reduced contributions from Nassim Park Residences following the receipt of Temporary Occupation Permit in the first quarter this year. Revenue for the third quarter rose 37 per cent to S$413.3 million, boosted by higher progressive recognition from the sale of the group's development properties and new contributions from the hospitality operations, such as PARKROYAL Serviced Suites Kuala Lumpur that commenced operations in the fourth qua...

Full article: http://www.todayonline.com/Business/EDC111112-0000050/UOL...

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