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Business Times - 24 Feb 2009
UOL'S FY08 net profit down 81% to S$147m
By CHEW XIANG
UOL Group on Tuesday reported net profit for the year ended Dec 31 fell 81 per cent to S$147.2 million, from S$758.9 million in 2007.
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Sales rose 27 per cent to almost S$900 million but profitability was hurt by S$106.8 million fair value loss on investment properties plus a S$37 million impairment charge on a hotel property under development.
Group pre-tax profit before fair value and other losses rose 21 per cent to S$354.2 million compared with S$291.6 million previously. It did not separately reveal results for the fourth quarter.
Gwee Lian Kheng, group chief executive, said: '2009 will be a challenging year as corporations and consumers feel the chilling effects of the recession. In this uncertain climate, we will focus on revenue protection and cost management while we look out for distressed assets that will enhance our long term earnings capability.'
UOL closed down 3 cents or 1.8 per cent to S$1.66. It is currently mounting a takeover bid for Singapore property firm United Industrial Corp.