SINGAPORE Aug 8 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)