UOL’s net profit down 13% to $686.6m in FY14

Due to lower fair value gains.

UOL Group reported that its net profit slipped 13% to $686.6m in FY14, mainly on back of lower fair value gains on investment properties.

Revenue rose 29% to $1.3b, boosted by the sale of land at Jalan Conlay and the recognition of revenue from a development project in Tianjin, China.

Excluding one-off gains, the group’s core net profit is $397.7m.

Gross profit margin of 43% was lower than the 49% from a year ago due to the higher revenue contribution from property development, which has a higher cost margin.

Directors have proposed a first and final dividend of $0.15 a share.
 

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