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UIC posts 5% increase in FY18 profit

PROPERTY group United Industrial Corp’s (UIC) full-year profit for the year ended Dec 31, 2018 rose 5 per cent year on year to S$313.37 million, while revenue slumped 49 per cent to S$656.97 million on the back of lower sales recognised from property trading.

Earnings per share (including fair value gains or losses on investment properties) for FY 2018 worked out to 21.9 Singapore cents per share, up from 20.8 Singapore cents per share a year ago. It boosted its final dividend to 3.5 Singapore cents from three Singapore cents previously.

During the financial year, the group recorded fair value gains on investment properties to the tune of S$47.61 million, versus losses of S$29.72 million a year ago. 

Commenting on industry outlook, UIC said that office rentals are expected to continue to be well-supported amid strong demand and limited supply completion in the central business district, while the ongoing rise of e-commerce and fresh retail supply should add pressure on retail rents.

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It added: “Residential market will likely remain subdued as developers have become more cautious in replenishing their land bank. Sales demand is expected to be dampened as buyers’ purchasing power has been curbed by the higher ABSD and tightening of loan-to-value limits on housing loans.” Meanwhile, the upward trend in tourist arrivals is expected to boost demand for hotel rooms here.

The counter shed three Singapore cents to close at S$2.86 on Friday.