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UOL Reports a 374% Increase in H2 Profit to $572.7 Million

Real estate company UOL reported a 373.9% increase in net profit to $572.7 million for the second half of its fiscal year, which concluded on December 31, 2023. The gain came from the $442.3 million sale of a fully owned subsidiary that owned Parkroyal on Kitchener Road.
The mainboard-listed business said in a market filing on February 27 that its half-year earnings, before fair value and other gains, decreased by 12% to $145.5 million from $164.5 million in the same time last year.
In contrast to the earnings per share (EPS) of $0.1431 in the second half of the 2022 fiscal year (FY), the results equate to EPS of $0.6778.

Ultimately, the profit for the entire year increased to $707.7 million from $491.9 million the year before, a 43.9 percent increase. In addition to the first and final dividends of $0.15 per share, the board also suggested a special dividend of $0.05 per share.
The business reported that its revenue for the second half of the year decreased by 21.1% to $1.3 billion, with lower contributions from its Avenue South Residence, Park Eleven Shanghai, The Tre Ver, and Clavon buildings accounting for 45% of the decline in earnings. It said that greater progressive revenue recognition from AMO Residence and The Watergardens at Canberra somewhat offset the decline.

However, revenue from hotel operations increased by 21%, or $73.5 million, as all of the group’s hotels continued to profit from a resurgence in international tourism in their individual nations following the Covid pandemic, with the exception of those that had to undergo significant renovations.
Due to increased dividends from quoted stock investments, the company’s second-half investment income increased by 42%, or $10.5 million, while its financing revenue increased by 9%, or $1.8 million, due to higher deposit rates and interest from loans to a joint venture company.

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