UOL’s net profit down 13% to $686.6m in FY14
Due to lower fair value gains.
UOL Group reported that its net profit slipped 13% to $686.6m in FY14, mainly on back of lower fair value gains on investment properties.
Revenue rose 29% to $1.3b, boosted by the sale of land at Jalan Conlay and the recognition of revenue from a development project in Tianjin, China.
Excluding one-off gains, the group’s core net profit is $397.7m.
Gross profit margin of 43% was lower than the 49% from a year ago due to the higher revenue contribution from property development, which has a higher cost margin.
Directors have proposed a first and final dividend of $0.15 a share.