UIC

UIC: (No estimates for counter) 1Q net $44.3m -6% yoy, while rev at $233.6m +19% yoy due to higher sales of trading properties and higher revenue from hotel ops, partially offset by lower rental income. Overall, weaker bottom-line was due to the cessation of contribution from UIC Bldg and its Park Natura project, which lowered earnings. Grp highlight growth in office rentals is likely to cont moderating as the supply of new and 2nd-hand office space increases, while retail rents should remain relatively resilient