by millionairemind » Fri Feb 12, 2010 6:33 pm
February 12, 2010, 5.49 pm (Singapore time)
UIC, SingLand report full-year 2009 net losses
By EMILYN YAP
United Industrial Corp (UIC) and its unit Singapore Land (SingLand) both posted net losses for the full year ended Dec 31, 2009, on Friday.
UIC's net loss was $142.8 million, almost double the net loss of $74.6 million incurred a year ago. Results were hit by fair value losses on investment properties.
SingLand's net loss for $265.96 million, more than double the net loss of $117.4 million in the previous year. Similarly, fair value losses on investment properties eroded the bottom line.
"If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong" - Bernard Baruch
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