2 biggest factors that drove OUE's operating expenses higher

It resulted to 40% core earnings drop.

According to CIMB, 2Q13 saw higher operating expenses once again, which led to a 40% yoy decline in core earnings.

"We understand this comprised 1) an additional S$2m-3m yoy spent on marketing and headcount expenses relating to Twin Peaks and 2) another additional S$2m-3m spent on legal expenses relating to the final closing of the US Bank Tower deal," CIMB said.

CIMB also said that gross margins were also weaker yoy due to weaker performance from 6 Shenton Way Tower 1. However, the top-line remains robust, rising 16% yoy on higher occupancy at OUEB (c.90%+) and stronger sales recognition from Twin Peaks.

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