It was saved by higher revenue from its information technology operations.
Information technology operations saved UIC and pushed its profits upwards by 1% YoY from $59.46m to $60.24m in Q1. According to its financial statement, revenue fell from $264.52m to $165.65m due to lower sales recognition from trading properties.
Revenue from the sales of trading properties crashed 84% to $20.8m as the UIC’s development projects were completed by October 2017 and substantially sold in 2017. However, revenue from UIC’s investment properties and hotel operations remained stable whilst revenue from information technology operations grew 27% YoY to $35m.
Profit from associated companies and joint ventures fell 9% to $63m, which was in line with the lower contribution from property trading.
“The impact was, however, offset by the absence of the one-off Additional Buyer's Stamp Duty (ABSD) payment of $14.8m on Mon Jervois in February 2017. The share of joint ventures' results increased by $6.6m mainly due to the contribution from The Clement Canopy residential project which was launched for sale in February 2017,” the company added.
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