UOL profit slips 2% YoY to $100.8m in Q3

Absent Esplanade contributions is one of many reasons.

According to OCBC, UOL’s 3Q15 profit after tax and minority interests dipped 2% YoY to $100.8m.

The decline was caused mainly by the absence of development contributions from The Esplanade at Tianjin China, along with tapered hotel income due to refurbishment works and FX weakness affecting UOL’s Malaysia and Australia accommodations. On the flip side, it was partially offset by raised investment property income from OneKM mall, which opened in 4Q14.

To date, 134 units have been sold at the company’s recently launched Principal Garden project, which held 663 total units. This reflects a sluggish sales pace, although UOL is hopeful that it will chug along since Q4 is usually a quieter part of the year for launches.OCBC notes that UOL will continue to discerning as it replenishes its land-bank in the uncertain domestic residential market.