SINGAPORE, Feb 24 (Reuters) - Singapore property and hotel firm UOL Group Ltd posted on Friday a 12 percent drop in full-year net profit, mainly due to higher taxes and lower fair value gains, and said it was cautious about prospects in 2012.
UOL, controlled by the family of billionaire banker Wee Cho Yaw, earned S$664 million ($529 million) in 2011, down from S$756 million the year before.
Its operating profit before tax and minority interest was, however, 32 percent higher at S$728 million.
Group revenue jumped 45 percent to a record S$1.96 billion, helped by higher recognition of income from the sale of projects launched in the past three years, as well as contributions from its Parkroyal serviced suites in Kuala Lumpur and the Parkroyal Melbourne Airport hotel.
UOL Group Chief Executive Gwee Lian Kheng said the firm is cautious about prospects for 2012 in view of the expected economic slowdown in Singapore and the region.
But he added the firm has a healthy capital position.
"Adopting a cautious approach, we will seek out opportunities to selectively replenish our landbank in Singapore and overseas," he said. ($1 = 1.2560 Singapore dollars) (Reporting by Eveline Danubrata; Editing by Kevin Lim)
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