Q3 Profits Up At SingLand, UIC

Source : The Business Times, November 3, 2007

SingLand's net earnings 30% higher at $30.1m, UIC's 43% up at $25.4m

SINGAPORE Land (SingLand) and its parent company United Industrial Corporation (UIC) have both reported higher third-quarter earnings.

Share of associates' results at UIC increased by $1.2 million or 23 per cent to about $6.2 million for Q3, due mainly to higher contribution from The Sixth Avenue Residences (above) and The Regency @ Tiong Bahru residential projects in which the group has interests of 35 per cent and 40 per cent respectively.

For the three months ended Sept 30, SingLand posted a 30 per cent year- on-year increase in net profit to $30.1 million, on the back of a 27 per cent gain in revenue to $70.52 million. SingLand, a major office landlord, said rental rates and occupancy rates improved, which resulted in an $8.1 million or 20 per cent rise in gross rental income to $47.4 million.

UIC's Q3 net earnings rose 43 per cent to $25.4 million. UIC was in the news earlier this week for having sold more than 100 units of its Park Natura condo in Bukit Batok since last weekend. Its Q3 revenue jumped 76 per cent to $134.8 million, due to higher sales of residential properties and revenue recognition on a percentage of completion basis, contribution from Pan Pacific Singapore hotel as well as higher rental income. 'The residential property sales pertain to the One Amber, Grand Duchess at St Patrick's and Northwood residential property developments, which have been fully sold,' UIC said in its results statement.

Share of associates' results increased by $1.2 million or 23 per cent to about $6.2 million for Q3, due mainly to higher contribution from The Sixth Avenue Residences and The Regency @ Tiong Bahru residential projects in which the group has interests of 35 per cent and 40 per cent respectively.

UIC said Q3 earnings per share rose to 1.8 cents from 1.3 cents in the corresponding period last year. Net asset value per share as at Sept 30, 2007, was $1.78, up one cent from Dec 31, 2006. Its shares eased four cents to close at $3.06 yesterday.

UIC's net earnings for the first nine months of this year rose 40 per cent to $75.8 million. Revenue increased 51 per cent to $351.4 million.

SingLand's Q3 EPS rose to 7.3 cents from 5.6 cents in the corresponding year-ago period. NAV per share stood at $7.45 as at Sept 30, 2007, down five cents from Dec 31, 2006.

For the first nine months of this year, SingLand's net profit rose 29 per cent to $92.1 million on a 16 per cent rise in turnover to $184.5 million.

SingLand shares closed 35 cents lower at $9.35.