UOL Group saw its net profit for the complete year ended 31 December 2019 increase 14 percent to $478.8 million in $418.3 million in 2018.
The business attributed the increase to greater attributable fair value and additional benefits of $165.1 million in comparison to the last year’s $85.3 million.
Earnings, however, declined 5 percent to $2.3 billion on reduced progressive earnings recognition from three development projects — specifically, The Clement Canopy, Botanique in Bartley and Primary Garden.
The fall in earnings was partly offset by increased earnings recognition from growth projects like Amber45, Avenue South Residence, The Tre Ver and Park Eleven in Shanghai and greater earnings from United Industrial Corporation Limited’s (UIC) tech enterprise.
Revenue from real estate investments climbed 2 percent to $551.7 million. Hotel ownership and operations, on the other hand, declined 4 percent to $653.7 million as”operations were influenced by the closing of Pan Pacific Orchard for redevelopment and reduced donations from PARKROYAL COLLECTION Marina Bay (the prior Marina Mandarin Singapore), PARKROYAL Darling Harbour and Pan Pacific Suzhou that was marketed in December 2019, in addition to refurbishment works at PARKROYAL on Kitchener Road”, shown the land developer in a launch.
Revenue from management technology and services jumped 25 percent to $175.6 million.
UOL noted that purchasing belief for new houses in Singapore was dampened from the COVID-19 outbreak, although the hospitality sector was negatively influenced.
“To the end, we value the Government’s comprehensive Budget that believes different sections of the society and companies, and protects for job,” explained UOL Group Chief Executive Liam Wee Sin.
In reality, the group plans to pass the land tax refunds into its retail tenants, which has been influenced by reduced footfall and spending.
“The building sector is also addressing labour shortage and doubts in the distribution chain. The externalities have escalated and this might eventually warrant an overview on the expansion of ABSD deadline,” mentioned Liam.
“For today, it’s our expectation that the COVID-19 epidemic could be included whenever possible so that companies can go back to normalcy.”