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OUE Q3 profits crashed 80.7% to $2.07m

Singapore Business Review logo Singapore Business Review 13/11/2018 Staff Reporter
a tall building: OUE Q3 profits crashed 80.7% to $2.07m © Provided by Charlton Media Group OUE Q3 profits crashed 80.7% to $2.07m

It blamed non-cash marked-to-market fair value loss of investments.

OUE's profits for the third quarter of 2018 suffered an 80.7% crash to $2.07m from $10.74m in the same period in 2017. Revenue was barely up by 0.8% to $183.32m from $181.94m.

According to its financial statement, profits fell to due to non-cash marked-to-market fair value loss of investments held at fair value through profit or loss. However, revenue rose mainly due to higher contributions from the hospitality and development property divisions, partially offset by lower contributions from the healthcare division.

Hospitality revenue grew 5.63% to $61.8m thanks to the higher contribution from the serviced apartments Oakwood Premier OUE Singapore. "Since the opening in June 2017, Oakwood Premier OUE Singapore has continued to ramp up its business and contributed positively to the group's performance," the firm added.

The development property division recognised revenue from OUE Twin Peaks units sold deferred under payment schemes. Revenue grew by $5m to $43.6m due to more completed sales.

Meanwhile, OUE Lippo Healthcare contributed to the healthcare division's revenue, which fell mainly due to lower revenue from operations in China. Investment properties revenue marginally rose by $600,000 to $67.6m.

OUE did not declare a dividend for the period.

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