UOL profits crashed 51% to $433.72m in FY2018 | Singapore Business Review
UOL Group’s profits fell 51% YoY from $880.24m in 2017 to $433.72m in 2018, it revealed in its financial statement.
The property development segment recorded lower revenue mainly from the completion of Alex Residences in September 2017 and Principal Garden in December 2018, and Botanique at Bartley as the project approaches completion in the second quarter of 2019. DBS Equity Research analyst Rachel Tan noted that UOL is expected to launch its remaining land bank of more than 1,000 units in 2Q2019. “Amber 45 and The Tre Ver continue to achieve steady sales with 71% and 40% sold to date respectively. UOL maintains its plans to launch both Meyerhouse and Avenue South Residence in 2Q19,” she said.
In China, the handover of Park Eleven Phase 1 began in December 2018. There are around 109 units that were sold that are expected to be handed-over and recognised in FY2019. UOL also targets to launch Park Eleven Phase 2 with 127 units, and Phase 3 with 107 units in 2019.Meanwhile, the RevPARs at the Singapore and Australian hotels increased by 6% and 0.6% YoY respectively. “China and Yangon markets remain challenging.
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