PROPERTY group UOL's second-quarter net profit fell 49 per cent to $145.0 million, from $286.3 million a year ago, as the group saw lower fair value gains on its investment properties.
Turnover for the three months ended june 30, 2008 rose 4 per cent to $209.3 million, up from $201.6 million in Q2 2007. The increase in revenue came largely from hotel operations, with improved performance of the UOL's hotels in Singapore, Australia and Vietnam. Revenue from property investments also improved due to higher average rental and occupancy rates in UOL's investment properties, it said.
Separately, UOL's listed subsidiary Hotel Plaza also reported its second quarter results yesterday. Hotel Plaza's net profit for the three months ended June 30, 2008 increased marginally by 5 per cent to $16.2 million, from $15.5 million in the corresponding quarter of 2007.
Hotel Plaza's revenue in second quarter of 2008 increased 16 per cent to $79.9 million, from $69.2 million a year ago, as the company's hotels fared better.
UOL gained five cents to close at $3.26 yesterday. The stock has shed some 27.9 per cent since the start of the year.
Subsidiary hotel Plaza, on the other hand, lost three cents to close at a 52-week low of $1.49 yesterday. Hotel Plaza has lost 14.9 per cent in 2008.
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