OUE profit plummets to $19.9m

Find out what caused it to come falling down from $127.1m in the third quarter of 2010.

Looking at the financial statements report of Overseas Union Enterprise, the striking difference was under the category “other (losses)/gains.” According to OUE, other losses for 3Q 2011 relates to fair value losses on equity and bond investments, which amounted to almost $2m. “In contrast, 3Q 2010 records a gain of $128.4 million relating to fair value gain on investment properties,” said OUE’s report.

In addition, finance expenses were higher in 3Q 2011 by $13.2m compared to the $0.5m in the same period last year due mainly to increased borrowings for the current quarter.

As for the different divisions, below are the details from OUE:

Hospitality Division
In 3Q 2011, the hospitality division achieved a total revenue of $57.0 million (3Q 2010: $42.4 million). All owned hotels performed better than 3Q 2010 and the acquisition of CPCA in July 2011 also contributed to the increase in revenue.

Property Investment Division
The Group’s revenue from investment properties amounted to $27.0 million for 3Q 2011 (3Q 2010: $8.2 million). The increase in 3Q 2011 was mainly due to contribution from DBS Towers which was acquired on 30 September 2010 and OUE Bayfront (Development comprising “OUE Bayfront/OUE Tower/OUE Link”) which has commenced leasing operations.

Property Development Division
The development property income of $2.3 million in 3Q 2011 relates to revenue recognised from the sale of residential units for Twin Peaks. Revenue of $0.6 million in 3Q 2010 was rental income from the existing property before redevelopment commenced for Twin Peaks.

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