UIC profit down 13% to $52.9m in Q3

Lower contribution from its project, The Clement Canopy, dragged profits down.

United Industrial Corporation (UIC) saw its net profit dip 13% YoY to $52.9m in Q3 from $60.88m in 2018, an SGX filing revealed. In contrast, revenue jumped 28% YoY to $42.5m from $151.91m over the same period.

The profit decline was blamed on the lower contribution from the joint venture residential project, The Clement Canopy, which was fully sold last April.

On the other hand, its revenue was boosted by higher sales recognition from hotel operations, trading properties and technology operations.

As for the 9M period, UIC’s net profit has skyrocketed 134% YoY to $543.31m from $232.26m in 2018, despite the profit slip in Q3. This was boosted by higher contribution from Park Eleven (Shanghai project) and UIC Building, as well as a one-time gain on derecognition of an associated company of $210.3m, arising from the acquisition of AHPL last 17 April.

Revenue over the same period also went up 20% YoY to $98.4m, which was also thanks to higher sales recognition from hotel operations, trading properties and technology operations.