Property developer United Industrial Corp on Friday said net profit fell 33 percent in the second-quarter due to increased expenses and fair value losses.
Net profit attributable to shareholders fell to S$74.7 million in the three months ended June 30 compared to S$111.7 million in the corresponding period last year.
Total revenue at the company, which develops properties for investment and trading purposes primarily in Singapore, gained 53 percent to $361.9 million in the quarter.
Revenue from the sales of trading properties jumped 123 percent at S$231.5 million, primarily due to higher sales in Pollen & Bleu and progressive sales recognition for V on Shenton.
Fair value loss amounted to S$3.0 million in the quarter versus fair value gain of $51.5 million last year.
Meanwhile, selling and distribution costs doubled to S$10.9 million compared to S$5.4 million last year.
Net asset value per share edged up to S$4.44 as at June 30, 2017, from S$4.39 six months ago.
Shares of United Industrial closed unchanged at S$3.21 on Friday. The stock has gained 16 percent this year, in line with the rise in the benchmark Straits Times Index.
