A ROBUST property market lifted net profits at Singapore Land and its parent, United Industrial Corporation (UIC), in the third quarter.

A ROBUST property market lifted net profits at Singapore Land and its parent, United Industrial Corporation (UIC), in the third quarter.

SingLand said its earnings in the quarter rose 30 per cent to $30.1 million from $23.2 million a year earlier. Revenue was up 27 per cent at $70.5 million.

It attributed the revenue jump for the three months ended Sept 30 to ‘the contribution from the Pan Pacific Singapore Hotel and higher rental income’.

The company acquired full ownership of the hotel in April.

Higher rental rates and improved occupancy lifted its rental income by $8.1 million, although it did not say where this increase came from.

Earnings per share in the third quarter came to 7.3 cents, up from 5.6 cents in the same period last year. Net asset value per share was $7.45, a slight dip from $7.50 as at Dec 31.

UIC had an even rosier story to report. Its earnings were up 43 per cent in the third quarter at $25.4 million from $17.8 million a year earlier on a 76 per cent surge in revenue to $134.8 million.

The higher revenue was due to stronger sales of residential properties, contributions from the Pan Pacific Singapore Hotel and increased rental income.

UIC named One Amber, the Grand Duchess at St Patrick’s and Northwood as the sites that had contributed $26.5 million to the company’s coffers.

It is bullish about its prospects, noting that with ‘Singapore’s economic growth and positive consumer sentiment, demand for office and retail space and private housing is expected to remain steady’.

Earnings per share stood at 1.8 cents, up from 1.3 cents. Net asset value was $1.78, down from $1.77 as at Dec 31.

Source : Straits Times - 3 Nov 2007