United Industrial Q3 profit climbs on higher property sales

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 sale.

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.

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.

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