Overseas Union Enterprise profit up 174% to $24mln

Strong performance by Hospitality Division and contributions from Mandarin Gallery were key drivers for group's growth.

Overseas Union Enterprise Limited has achieved a profit before tax of S$23.7 million in 1Q 2010 (excluding revaluation and impairment write back), a 173.9% increase from 1Q 2009. Including unrealised fair value gains on revaluation of the Group's investment properties and write-back of impairment on the Group's development property totalling S$187.5 million taken in 1Q 2010, the Group posted a PBT of S$211.1 million, according to an OUE report.

The Group's high profit levels were largely fueled by the strong performance of Meritus Hotels & Resorts, its Hospitality Division which comprises prime properties in the business and tourism hubs of Singapore, China, and Malaysia.

Also contributing favourably is the Group's retail operations under wholly-owned Mandarin Gallery, a luxury mall that launched in late November 2009 and is strategically annexed to the flagship Mandarin Orchard Singapore hotel on Orchard Road.

In total, the Group recorded a revenue of S$48.0 million for 1Q 2010, an increase of S$15.1 million (up 45.7% year-on-year) from S$32.9 million over the same period of the previous financial year.

Other gains of S$189.9 million comprised mainly of revaluation gains from the Group's investment properties (S$135 million) and the write-back of an impairment loss on the Group's development property ($52.5 million).

As a result, the Group recorded a PBT of S$211.1 million in 1Q 2010 (an increase of S$202.5 million over 1Q 2009) and continues to maintain a robust balance sheet with a net asset value per ordinary share of S$11.30 as at 31st March 2010.

OUE is a key property player in Asia and one of the very few integrated developers in Singapore boasting a complete portfolio of prime assets across the retail, commercial, residential, and hospitality sectors.

In addition to Meritus Hotels & Resorts and Mandarin Gallery, the Group is also behind Singapore's high-end upcoming commercial and residential developments that include 50 Collyer Quay, One Raffles Place, and 25 Leonie Hill.

OUE's diversified business model and capabilities across multiple market segments make it uniquely poised to pursue and build a stable of high-yield investments.

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