UOL Q2 net profit soars 48.1% on higher fair-value gains

HIGHER fair-value gains on its investment properties gave a lift to earnings for UOL Group in its second quarter ended June 30, outweighing lower revenue recognition from its development projects and higher finance expenses.

Revenue from hotel ownership and operations was down 3 per cent to S$151.3 million, mainly from lower occupancies and room rates at Marina Mandarin and 2 PARKROYAL Darling Harbour, as well as ongoing refurbishments at PARKROYAL on Kitchener Road. Earnings per share increased to 23.18 Singapore cents from 15.67 Singapore cents in the year-ago period. The group does not declare interim dividends.

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