UOL's net profit dropped 39% to $74.2m in Q1

Due to a one-off gain last year.

UOL's reported net profit dropped 39% year-on-year to $74.2m in the first quarter, on back of a one-off gain from the sale of land at Jalan Conlay in Malaysia in the same period last year.

Excluding this gain, UOL's net profit slipped by 3%. Although core revenue registered growth, the group was impacted by unrealised currency exchange losses recognised in the first quarter from its borrowings in US dollars to fund its investments in China.

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