UOL’s net attributable profit shrinks to $135m in 1H23

Lower attributable fair value gains on its investment properties drove the 64% YoY decline.

UOL Group Limited posted a 64% YoY lower net attributable profit of $135m in 1H23, its latest financial statement showed.

In a bourse filing, UOL attributed its weaker profit to significantly lower attributable fair value gains on its investment properties of $3.5 million against $190m  for the same period last year.

Apart from weaker profit, the company also recorded lower revenue of $1.37b (-11% YoY). This is despite recording a 66% increase in its revenue from hotel operations ($341.5m).

As of 30 June, the group’s shareholders’ funds had fallen to $10.52b due to the decrease in the fair value of the group’s equity investments and payment of dividends to shareholders.