UIC: Reported drop in earnings, as FY11 net profit at $214m, -71% yoy as operating profit at $200.2m, -28% yoy and net fair value gain $13.9m, -97% yoy. FY11 rev $805.5m, -33% yoy due mainly to lower sales of trading properties and lower rental income, partially offset by higher revenue from info tech and hotel ops.
Grp warns that the increase in supply of office space amid the global economic uncertainties and the expected slower growth in Spore will likely impact mkt rentals for office space, and highlighted the additional buyer's stamp duties introduced last Dec have already affected the purchase sentiment in the residential property mkt. Expects retail rental mkt to remain resilient.
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