OUE projects net loss in H1

The group saw a fair value loss booked on disposal of approximately of the US Bank Tower.

OUE has released its profit guidance for the H1 period, expecting to record a loss attributable to shareholders following a $61.9m profit in H1 2019, an SGX filing revealed.

This is mainly attributable to the fair value loss booked on disposal of approximately $310m in relation to the sale of US Bank Tower in California in the US. The loss is also driven by the adverse impact of the COVID-19 outbreak on the group, taking into account the tenant support measures that the firm has put into place for eligible tenants, including rental reliefs, rent deferment, rental rebates and flexible payment schemes, and weaker performance from the hospitality division.

OUE is in the process of finalising its H1 financial results, to be released on or before 14 August.