UIC sees 35% fall in full-year earnings to $261 million


  • Property group United Industrial Corp (UIC) registered a 35% fall in FY15 earnings to $260.6 million from a year ago on lower share of results of associated companies and joint ventures.
  • Share of results of associated companies decreased by 25% to $31.6 million due mainly to lower fair value gain on Novena Square investment property held by an associated company of $4.6 million.
  • Share of results of joint ventures decreased by 22% attributable mainly to lower progressive revenue recognised for the Archipelago residential project which was completed in September 2015.
  • Full-year revenue rose by 16% to $807.2 million due mainly to higher revenue recognised on the sales of trading properties.
  • UIC closed 0.68% higher at $2.96 on Friday.

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