UOL’s 2Q earnings down 55% to $68.8 mil on fair value losses

SINGAPORE (Aug 4): UOL property group posted a 55% fall in 2Q16 earnings to $68.8 million from a year ago, due mainly to fair value losses on investment properties.

During the quarter, attributable fair value losses and other losses totalled $21.5 million compared to a gain of $53.8 million in the same quarter a year ago (2Q15).

Group revenue in 2Q16 rose 6% to $363.6 million from a year ago, due mainly to higher progressive revenue recognition from on-going projects such as Riverbank @Fernvale, Seventy Saint Patrick’s, Botanique at Bartley as well as Principal Garden, which was launched in October 2015. Property development revenue was up 14% to $185.5 million.

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