UOL Q1 profits dipped 8% to $73.82m

Property development revenue fell 7% due to the completion of Riverbank@Fernvale in March 2017.

UOL Group's profits slipped by 8% from $80.34m last year to $73.82m. Meanwhile, revenue soared 89% from $350.68m to $661.04m.

According to its financial statement, revenue was higher thanks to the additional $316.2 revenue from UIC Group and the associated and joint venture companies of UOL Group and UIC Group following their consolidation which started in September 2017.

Excluding the effects of consolidation, property development revenue fell 7% due to the completion of Riverbank@Fernvale in March 2017. Meanwhile, revenue from hotel operations jumped 9% due to new revenue from Pan Pacific Melbourne which was acquired in end July 2017.

Revenue from property investments dipped 4% mainly due to lower revenue from OneKM mall.

The company warned, "Economic and political uncertainties could weigh on the London property market although leasing activities remain steady in Midtown where the Group owns two properties."

"Improvements in the global economic outlook should benefit the Group’s hotels in the Asia Pacific though trading conditions for the Group’s hotels in Myanmar and China remain challenging," it added.

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