The third quarter bottom lines of Singapore Land and United Industrial Corporation (UIC), Singapore Land’s parent company, showed a marked improvement compared to the previous year’s Q3 bottom line. The Q3 net earnings of SingLand valued at $39.8 million dollars, a 32 percent improvement over last year’s third quarter. This was good news for SingLand and UIC, considering the reporting season’s trend of downturns.
Some of SingLand and UIC’s success was attributed to revenue generated by means of rentals. This year’s gross rental income grew by 27 percent (evidenced by $60.1 million dollars worth of income) due to the increase in rents, while the gross revenue of the Pan Pacific Singapore’s hotel operations grew by 21 percent to $28 million. Overall SingLand’s revenue grew to $89.7 million, a 25 percent growth.
Another factor that contributed to the Q3 bottom line of SingLand came from the contributions of One Amber and Sixth Avenue Residences, residential products associated with SingLand. These two projects have boosted the shares of SingLand and its associated companies by 55 percent, a $5 million escalation.
The report on SingLand’s first nine months of this year has also revealed that SingLand’s earnings rose 54 percent in the first nine months, valuing at $141.5 million. These earnings were in part helped by investment properties, which contributed a fair-value gain of $54.6 million.
SingLand’s parent company is also doing well. UIC’s Q3 net profit rose to $48.3 million, a 90 percent increase over last year’s net profits; its revenue had risen to $212.2 million, a 56 percent increase. The improvements were brought about by property sales and the rental income revenue from Pan Pacific Singapore. In its first nine months, UIC had increased its net earnings by 67 percent (valuing at $126.7 million). This was helped by investment properties, which contributed a $31.9 million fair value gain.