HOTELS & TOURISM | Staff Reporter, Singapore

UOL Group 2017 profits jumped 210% to $891.01m

Its consolidation with UIC Group raised revenue.

According to its financial statement, group revenue rose 46% to $2.10b from $1.44b due mainly to the consolidation of UIC Group and the associated and joint venture companies of UOL Group and UIC Group which contributed an additional $544.7m in revenue.

Excluding the effects of this consolidation, revenue from property development was higher by 14% with higher progressive revenue recognition mainly from Principal Garden. Revenue from hotel operations improved by 3% with new revenue from Pan Pacific Melbourne which was acquired in July 2017.

The increase in the share of profit from joint venture companies was due mainly to contributions for the first eight months of 2017 from The Clement Canopy development which was launched in end February 2017 and Holborn Island, London which was acquired in November 2016. UOL said that from 1 September 2017 onwards, the results of these entities were consolidated with their results.

UOL noted that its hotels in the Asia Pacific region should benefit from the improving global economic outlook. “However, trading conditions for the hotels in The People’s Republic of China and Myanmar are expected to remain competitive. The 206-room Pan Pacific Orchard is scheduled to cease operations as from 1 April 2018 and will be redeveloped into a new 340 -room hotel,” it added.

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