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News - Detailed News Story

UIC

Stock Chart
Last Done 2.810
Change -0.010 (-0.36%)
Volume 87.1
Range 2.800 - 2.830

Fair value, other gains lift UIC Q2 profit to S$409.3m; Wee Cho Yaw's grandson to join firm as COO

29 Jul 2019 09:00

By Marissa Lee

marilee@sph.com.sg

PROPERTY group United Industrial Corp (UIC) has 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.

The bottom line was boosted by a S$135 million fair value gain on investment properties. The valuation gains in the second quarter last year amounted to only S$46 million.

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.


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Source: Business Times
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