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UOL's FY 2014 net profit drops 13%
UOL Group Limited recorded a 13 percent drop in net attributable profit to $686 million for FY 2014, mostly due to lower fair value gains.
Group pre-tax profit rose 21 percent to $515.2 million from $427.3 million a year ago, and group revenue rose 29 percent to $1.36 billion. Property development contributed the largest share of revenue at $675.9 million, up 65 percent from a year ago.
Revenue from property investments rose 10 percent to $198.2 million with the opening of the OneKM mall Q4 2014 and from the full year operations of Pan Pacific Serviced Suites Beach Road, which opened in the Q2 2013.
UOL Group Chief Executive Gwee Lian Kheng said, Despite the challenging global economic environment and soft patches in Singapores residential market last year, we continued to record reasonable growth across all our business segments.
He added, Though the residential property market is expected to remain soft, we believe projects with strong value propositions and in sought-after locations should continue to attract buyers.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories emailmuneerah@propertyguru.com.sg
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