UOL’s H1 net profit dips 3% to $130.4m due to fair value losses

Fair value losses for the period amounted to $12.2m.

UOL reported a net profit of $130.4m in H1 2024, down 3% year-on-year (YoY) due to fair value losses of $12.2m compared with fair value and other gains of $3.3m in H1 2023.

Revenue for the period also fell 7% YoY to $1.27b amidst lower contributions from property development, partially offset by higher revenue from hotel operations and property investments.

Revenue from the property development segment fell 23% YoY to $521.8m, due to lower revenue from Clavon and the absence of contribution from Avenue South Residence, partially offset by higher revenue from Watten House and Pinetree Hill.

Meanwhile, property investments rose 8% YoY to $271.3m due to improved performance by Singapore commercial properties and Pan Pacific Serviced Suites Kuala Lumpur, along with new revenue from PARKROYAL Serviced Suites Jakarta, which opened in January 2024.

Hotel operations revenue increased 11% YoY to $377.6m due to the opening of Pan Pacific Orchard and improved performance by Pan Pacific Singapore.

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UOL Group Limited

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