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The latest figure by UOL shows that United Overseas Venture, the developer for many of the real estate developments in Singapore has shown that the profit drops in the latest quarter results. The group revenue has dropped due to revenue impairment for some of the projects that it has tendered including Principal Garden, The Clement Canopy as well as Botanique. The projects were launched previously and the development has achieved completion.
However, not all is gloom as the there was higher revenue that is being recognized from other projects that have increased prices such as The Tre Ver and Amber 45 as well as investments which UOL Group has invested in such as Technology and Services. The group revenue as declined to 34% to $110 million which is a sharp drop. Another development that may see assets increase is Kopar at Newton. Kopar at Newton Location is next to Newton MRT Station.
Some investment of UOL do earn money though and there was an increase of 1% compared to previous years and the hospitality business sector of UOL also decrease due to more competition from other hotel owners as well as major renovation works that needs to be done to hotels under its name. Management services as well as technologies sector did grow a significant 22% to $40million and dividend income grow as well from its investments. However, one thing to note is that despite the revenue increase, there was significant increase in expenses as well and therefore care has to be noted to make sure the group does not drop into negative territory.
It is noted net profit for the company grew significantly for this year till September and the net profit increase to $347 million even though revenue dropped suggesting that the group is prudent in its expenses and focus on high yielding investments. The Group remain strong on the financials as net demand for underlying real estate developments are still strong thereby generating consistent revenue for UOL Group. Some of the projects with underlying demand include the latest Avenue South Residence at Silat Avenue as well as Meyer Mansion which both receive good response from buyers.
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