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.