Property developer UOL Group Ltd said third-quarter net profit doubled on year, on strong revenue and a one-time gain.The company posted a net profit of $64.5 million for the quarter ended Sept 30, up from $31.5 million in the third quarter of 2006. Revenue was up 11 per cent at $166.7 million, largely from hotel operations here and in countries including Australia and Vietnam.
The company’s profit was also boosted by a one-time gain of $17.8 million related to the acquisition of a subsidiary.
UOL Group said Singapore’s property market is likely to remain strong, while its hotels should continue to profit from a robust tourism sector. But it warned that the performance of its hotel in Myanmar may be hurt by the political uncertainty there.
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