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.

Also Read

Office space stock drops 41,000 sqm in 1Q24

Industrial prices mark first drop since 3Q20

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit