Singapore's UOL Q2 profit slides as property sales weaken

SINGAPORE Fri Aug 8, 2014 5:54am EDT

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SINGAPORE Aug 8 (Reuters) - Singapore realtor UOL Group Ltd said its second-quarter net profit fell by more than half from a year earlier to S$211.7 million ($169.2 million), hit by a declining sales in an oversupplied market.

UOL, one of Singapore's biggest property firms, also reported a 30 percent slide in its revenue for the quarter, to S$213.6 million as property sales fell. Revenue from property investments grew 8 percent, while that from property development dropped 73 percent, the company said in a statement.

"In view of the declining residential property prices and the record number of newly completed private dwellings from now till 2016, we expect the residential property market to remain subdued for a while," said Gwee Lian Kheng, the company's chief executive, in the statement. (1 US dollar = 1.2513 Singapore dollar) (Reporting by Rujun Shen; Editing by Miral Fahmy)