These 2 culprits dragged UOL's 4Q13 profits down to $189.2m

Thankfully, it was offset partially.

According to DBS, the decline in UOL’s 4Q13 net profit to S$189.2m was expected and was a function of lower development profits and smaller revaluation surplus vs a year ago, partly offset by a S$27m writeback of provision for the Upper Pickering office component.

On a full year basis, reported PATMI of c.S$786m was 3% lower yo-y. Ex-revaluation and exceptional items, bottomline was down by 5%.

Here's more from DBS:

In recognition of its 50th anniversary, the group has proposed a final DPS of 15Scts and special DPS of 5Scts. In total, this translates to a yield of c3.3%.

Partly offset by higher hotel and rental contributions. The slower stream of residential profits came largely from ongoing projects such as Spottiswoode Residences, Archipelago, Katong Regency and Thomson Three.

The slack was partially filled by higher hotel contributions as the group enjoyed Revpar growth of 5% portfolio-wide as well as better rental and fee income.

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