UOL announced the unaudited second quarter financial statement today and the following is the summarized result. 2Q Report
| UOL | 2Q05 | 2Q04 | 1H05 | 1H04 |
|---|---|---|---|---|
| Turnover ($'000) | 101,552 | 102,436 | 203,808 | 204,821 |
| Pretax Profit ($'000) | 48,375 | 38,192 | 75,311 | 66,918 |
| Net Profit ($'000) | 37,257 | 38,192 | 58,372 | 56,086 |
| Dividend Declared | Nil | Nil | Nil | Nil |
The turnover for UOL in the second quarter is lower compared to 2Q04 and the profit is down around 2%. For year 2005(End 30 June 05), there is still a profit increase of around 4%. Based on the income statement for 2nd quarter, hotel operation, service charge, interest and foreign exchange gain are the main operation that contribute higher revenue in 2nd quarter.
Comments:The main reason for lower property investment is due to the absence of income from UOB building in Xiamen, China and the UOL building along Somerset Road, Singapore, which are undergoing conversion and redevelopment. Furthermore, with the sale of UOB share, dividend income is also reduced. Result of the associates were affected by the closure of 25% owned Marina Mandarin Hotel for major refurbishment works in May 2005.
The positive news from the report is that the NAV per share for the group has increased from $2.42 to $2.81 and NAV per share for the company has increased from $1.51 to $.182.
The only positive news from the annoucement is that the NAV per share has improved. With Singapore economy improving and tourist expect to increase in the next two quarters, the hotel operation should improve the revenue for UOL. In additional with major refurbishment work completing soon. It should yield higher rent from the improving market.
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Disclaimer: The above information is for your pleasure reading only. USE THE INFORMATION AT YOUR OWN RISK. Make your own decision for any investment.
Previous Post
Disclaimer: The above information is for your pleasure reading only. USE THE INFORMATION AT YOUR OWN RISK. Make your own decision for any investment.
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Extractd from www.qian2yu.com
United Overseas Land (UOL): UOL reported a fair set of results with 1H05 net profit at S$58.4m, up 4% YoY, but in line with market estimate. The results were mainly supported by its hotel operations (i.e. Hotel Plaza)which saw its revenue grew 11% YoY to S$117.2m, but dragged down by investment and residential operations which saw revenue falling 9% YoY to S$48.2m and S$33.9m, respectively. In the second half, we should see the residential division start to grow more meaningfully from recent launches.
The investment case for UOL remains the potential to unlock value from its
substantial investment properties, equity investments in UIC/Hotel Plaza,
as well as a possible payout from its huge cash horde. In terms of valuation, we have revised upwards our RNAV fair value to S$2.56 (from S$2.41) mainly to reflect recent transaction of retail malls. We maintain BUY rating on UOL. (Winston Liew)
From the 2Q report, there is a huge cash of around S$547 million end 30 Jun 05 compared to around S$122 million end 30 Jun 04. This mean there is around 400% increase in the cash flow statment compared to last year. I wonder what will the board do with the money. Return to shareholder or look for better investment?
testing ....
I posted some comments here earlier but did not get in ... wonder why ...
Try again.
I wanted to tell you that 547mil and 122mil was cash at june2005 and june2004 respectively.
AT dec2004, it had 727mil in cash, So from dec2004 to may2005, there is actually a decrease in cash.
Also they have a 493mil in liabilites ("Zero Coupon Exchangeable Notes due September 2005") that they have to pay. If you net current assets (minus current liabilities) it has only about 200mil left.
So I do not think they will distribute.
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