Malaysian divestment gain boosted UOL's profits in 1Q

Profits soared a whopping 69%.

UOL bucked the trend in Singapore's struggling property market as it showed stellar results in 1Q. According to OCBC Investment Research, UOL’s 1Q14 PATMI came in at S$120.8m, up 69% YoY mostly due to a one-timedivestment of its Malaysian Jalan Conley site which contributed S$44.3m.

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Adjusting for this, we estimate core PATMI at S$76.5m; this constitutes 23% of our full year estimates which we judge to be mostly in line with expectations. 

In terms of the topline, 1Q overall revenues increased 65% YoY to S$408.8m, again similarly boosted by the sale of the Jalan Conley site in Malaysia. In addition, revenues from the hotel segment grew 8% YoY to S$107.2m, mainly due to contributions from ParkRoyal on Pickering which opened in Jan 2013.