United Industrial Corp
United Industrial Corp website

Property developer United Industrial Corp on Friday said net profit jumped 49 percent in the third-quarter, helped in part by the higher revenue from property sales.

Net profit attributable to shareholders rose to S$95.5 million in the three months ended September 30 compared to S$64 million in the corresponding period last year.

Total revenue at the company, which develops properties for investment and trading purposes primarily in Singapore, gained 55 percent to $405.5 million in the quarter.

Revenue from the sales of trading properties jumped 102 percent at S$277.8 million, primarily due to higher sales in Alex Residences and Pollen & Bleu.

Share of joint ventures' results increased by $10.7 million to $6.7 million mainly due to new contribution from the Clement Canopy residential project and the UK Holborn property.

Meanwhile, selling and distribution costs jumped 66 percent to S$11.7 million in the quarter.

Net asset value per share of the group edged up to S$4.51 as at September 30 from S$4.39 nine months ago.

"Outlook of rental for retail premises remains challenging amid increasing trends towards online transactions and other environmental changes," the company said in a statement, adding that it expects hotel occupancy and room rates to continue to stay under pressure.

Shares of United Industrial closed unchanged at S$3.35 on Friday. The stock has gained 21 percent this year.