UOL’s profit up 9.6% to $102.6m in Q3 on back of stellar earnings from JVs

The Esplanade’s margins were stronger than expected.

UOL’s Q3 profit were boosted by strong contributions from its joint ventures and associates. The mainboard-listed property developer reported a 3Q profit after tax of $102.6m, up 9.6% year-on-year from $93.5 in the same quarter last year.

According to OCBC, the increase was mostly due to higher share of profits from UIC, SingLand, and the Archipelago and Thomson Three projects, but was partially offset by higher marketing expenses and pre-opening costs for Pan Pacific Hotel and Serviced Suites Tianjin.

UOL’s 3Q14 topline increased 65.6% YoY to S$433.5m as the Esplanade in Tianjin, China achieved TOP and hence full profit recognition over the quarter.

“We judge 3Q14 results to be marginally above expectations, driven by stronger-than-anticipated profit margins from the Esplanade. In Sep 2014, the group also launched Seven Saint Patrick’s with a 67% take-up rate to date, and we understand the Upper Paya Lebar condominium project will likely be launched in 1Q15. In addition, the OneKM retail mall in Katong is expected to have its official opening on 30 Nov 2014,” noted OCBC.

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