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UIC Q2 net profit soars 268% to S$409.3m on fair-value gains

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UIC Q2 net profit soars 268% to S$409.3m on fair-value gains.

PROPERTY group United Industrial Corp on Friday posted a net profit of S$409.3 million in the second quarter, 268 per cent higher than the S$111.1 million it made in the same period a year earlier.

UIC also booked a S$210.3 million one-time gain for derecognising the holding company of Marina Mandarin Hotel as an associated company, after raising its ownership from 26.45 per cent to 57.82 per cent in April. Earnings per share excluding fair-value gains was 18.5 Singapore cents, up from 4.3 Singapore cents in the second quarter last year. After accounting for fair-value gains, EPS was 28.6 Singapore cents, up from 7.8 Singapore cents.UIC shares rose two Singapore cents or 0.68 per cent to close at S$2.95 on Friday before results were released.

 

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