United Industrial Corp’s Q3 revenue surges by 55%

Keshia Faculin6 Nov 2017

Pollen & Bleu facade

Artist’s impression of Pollen & Bleu, an eight-storey condominium in Farrer Drive.

United Industrial Corp’s (UIC) net profit and revenue respectively surged by 49 percent and 55 percent to $95.54 million and $405.47 million in Q3 2017 on an annual basis, revealed an SGX filing on Friday (3 November).

The stellar growth was driven by higher property sales, particularly in Alex Residences and Pollen & Bleu. In fact, gross earnings from property sales rose sharply by 102 percent to $277.77 million.

At the same time, contributions from joint venture projects increased to $6.74 million from a loss of $3.93 million previously due to new contributions from The Clement Canopy condominium in Singapore that was launched for sale in February 2017. Sales were also recognized at the Holborn property in the UK that was purchased in November 2016.

In addition, revenue from UIC’s hotel business edged up by two percent to $37.42 million. However, that for property investments declined at a similar rate to $68.76 million

For the first three quarters, the company’s revenue jumped 47 percent to $1.031 billion, but net profit dipped by two percent to $230.04 million on a yearly basis.

Over the same period, property sales more than doubled to $636.57 million compared to $311.96 million. But revenue from its property investments fell marginally to $210.69 million from $211.51 million, while that for its hotel operations improved to $73.65 million versus $68.19 million previously.


This article was edited by Keshia Faculin.


You may also like these articles

GuocoLand posts revenue and profit drop

Property developer GuocoLand saw revenue plunge 48 percent to $254.7 million in the fourth quarter ended 30 June 2015, from $492.89 million during the same period last year. “The drop in revenue

Continue Reading27 Aug 2015

Lian Beng Group posts 47.5% revenue drop

Lian Beng Group’s revenue slumped by 47.5 percent year-on-year to $37.18 million in the first quarter ended 31 August 2017 primarily because of lower contributions from its construction business, re

Continue Reading13 Oct 2017

OUE revenue down 56.6% in Q3 2017

Oakwood Premier OUE Singapore is a 268-unit luxury serviced apartment, located in the heart of Singapore.Mainboard-listed OUE Limited saw its revenue for the third quarter of 2017 drop 56.6 percent to

Continue Reading6 Nov 2017