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Saturday, April 24, 2010

United Industrial’s Q1 net profit down 19% to S$59.5m

Mainboard-listed United Industrial on Friday said its first-quarter net profit fell 19 per cent on-year to S$59.5 million.

But its revenue for the three months that ended March 31 rose 34 per cent to S$261.5 million.

United Industrial said the increase was mainly due to higher sales of trading properties and higher revenue from hotel operations.

Sales of trading properties rose 75 per cent to S$141.4 million.

This is on the back of higher sales in its One Amber, Park Natura and The Trizon residential projects.

In addition, revenue from its Pan Pacific Singapore hotel increased 20 per cent to S$25.4 million.

This was due to higher occupancy and Food & Beverage revenue.

Looking ahead, United Industrial said that despite the economic recovery, the office rental market will remain challenging because of large new supply.

However, it expects the retail rental market to be firm and supported by growth in tourist arrivals and improving consumer confidence.

Source : Channel NewsAsia – 23 Apr 2010
Singapore Property

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