SingLand, UIC Report Higher Q3 Profits

Source : The Business Times, November 2, 2007

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

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.

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