Group revenue rose 22% y-o-y to $1.55 billion with revenue from property development up 40% y-o-y to $731.7 million on higher progressive revenue recognition from Pinetree Hill, Watten House and MEYER BLUE in Singapore.
This was partly offset by an absence of contributions from Clavon and The Watergardens at Canberra in Singapore, which received their temporary occupation permits last year.
As at June 30, the Group’s shareholders’ funds decreased to $11.48 billion from $11.53 billion as at Dec 31, 2024 due mainly to lower hedging reserves, foreign currency translation reserves and payment of dividends to shareholders.
This was partly offset by profits recorded for the period. As a result, the net tangible asset per share decreased to $13.55 from $13.61 as at end-December.
Net gearing ratio rose to 0.25 as at end-June from 0.23 as at end-December due mainly to borrowings taken to fund the acquisition of a stake in 388 George Street in Sydney and for the redevelopment of Clifford Centre in Singapore.
UOL ended at $7.16 on August 13, up more than 38% this year.
