Property developer UOL Group has posted a 44 percent drop in first-quarter net profit to about S$43 million.
This was due to the absence of a one-time gain on the sale of Central Plaza, which lifted the number in the year-ago period. Revenue rose 11 percent to about S$162 million, boosted by better performances from its hotels in the key markets of Singapore, Australia and Vietnam.
UOL also benefited from higher rental income from its property investments and profit contribution from property development and associated companies.
Going forward, UOL said sentiment in the private residential market is likely to remain cautious, while the increase in rental rates for office space is likely to be more moderate.
The firm is also cautiously optimistic on the outlook of the tourism sector in Singapore and most of the region. - CNA/ms
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