Revenue of UOL Group rose by more than double to $164.3 million in first quarter of 2016, from $77.3 million in the previous year. New and ongoing projects saw higher contributions from its property development.
According to the report from SGX filing, UOL Group recorded higher progressive recognition of revenue from 2 residential projects launched in year 2014, the Seventy Saint Patrick’s and Riverbank @ Fernvale, and another 2 developments launched last year, Principal Garden and Botanique at Bartley.
Furthermore, UOL Group’s revenue from property investments, including contributions from malls and offices, also rose by 4% to $55.5 million.
While Group's Revenue from hospitality business, including PARKROYAL brands and hotels under the Pan Pacific, grew marginally by 2% to $104.9 million, from the previous $102.6 million.
Overall, UOL Group's total revenue climbed by 39% to $330.1 million for yearly basis, while net attributable profit increased 5% to $77.1 million.
Despite the revenue surged, Group believes that housing market outlook remains weak.
However, hospitality business of UOL in Asia Pacific is expected to stay competitive, amid slowing global economic growth.