UIC’s 2Q earnings almost double to $111.9 mil on fair value gain

SINGAPORE (July 29): Second quarter earnings of United Industrial Corp (UIC) nearly doubled to $111.9 million, 90% higher than its $58.9 million in 2Q15, thanks to a fair value gain of $53.1 million.

Revenue increased by 24% to $236.5 million, mainly to higher revenue recognised on sales of trading property.

Compared to the same period a year ago, sales of trading properties was 67% higher at $104 million with progressive revenue recognition and higher sales for the group's residential projects, particularly from Alex Residences and Mon Jervois.

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