UOL's 4Q13 profits took a 60% dive to $189.2m

Is it because of bad sales?

According to OCBC, UOL reported 4Q13 PATMI of S$189.2m, down 59.2% mostly due to reduced fair value gains on investment properties and a smaller contribution from the property development segment. 

Excluding noncore items, FY13 core PATMI cumulates to S$344.2m, which makes up 100.0% of our full year forecast and is judged to be in line with expectations and slightly below consensus.

Here's more from OCBC:

In terms of the topline, FY13 revenue came in at S$1,058.6m, down 7.6% as the contribution from property development fell given that Terrene at Bukit Timah and Waterbank at Dakota achieved TOP in 1Q13 and 2Q13, respectively.

The group proposed a total dividend of 20 S-cents, which includes a special dividend of 5 S-cents on top of the first and final dividend of 15 S-cents per share.

UOL sold 578 and 88 residential units in Singapore and China, respectively, in FY13 with a total sales value of more than S$552m.

Earlier this year, the group launched Riverbank@Fernvale and its sales performance was moderate; the 555-unit residential project saw more than 200 units sold at ASPs just north of S$1.0k psf.

Previously launched 435-unit Thomson Three is ~78% sold with average selling prices of S$1.3k psf and Seventy St. Patrick’s (186 units) is to be launched in 2Q14. Management indicates that conditions in the domestic residential space continue to be difficult and they would replenish landbank on a very selective basis.