Monday, August 13, 2012

UOL Q2 profit falls 19% to S$171.7m

UOL Group posted a net attributable profit of S$171.7 million in Q2 2012, down 19 percent from S$212.9 million during the previous quarter, after generating lower income from property sales and lower fair value gains from investment properties.

For 1H2012, the company’s net attributable profit fell 42 percent to S$255.7 million from S$442.9 million on the back of S$596.6 million in revenue compared to S$1.2 billion for the previous year.

Q2 revenue declined 34 percent to S$298.8 million from S$455.9 million, pulled down by lower revenue from property development and dividend income from available-for-sale financial assets.

Property development delivered 51 percent lower revenue at S$148.5 million.

“We remain cautious in our outlook for the second half due to a weak US recovery, uncertainties in the Europe situation and the slowing growth engines in Asia,” said Gwee Lian Kheng, Group Chief Executive of UOL.

He added: “We expect demand for new homes in the mass- and mid-market segment to remain stable, supported by high liquidity and low interest rates.”

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