OUE's profits surged to $124.1m in Q3

It received a $90.9m one-off non-cash gain from OUE C-REIT and OUE H-Trust merger.

OUE's attributable profit skyrocketed to $124.1m in Q3 from $2.1m in the previous corresponding quarter, according to a press release. Revenue leapt 54.1% YoY to $282.5m over the same period.

The growth was attributed to a 59.7% rise in earnings before interest and tax (EBIT) to $90.4m, as well as a $90.9m one-off non-cash gain from the merger of OUE Commercial Real Estate Investment Trust (OUE C-REIT) and OUE Hospitality Trust (OUE H-Trust).

In 9M 2019, its profits surged to $186m from $8.4m YoY. Revenue jumped 49.1% to $715.1m over the same period.

The group’s Investment Properties division’s revenue grew to $72.3m in Q3 from $67.6m YoY, mainly from the inclusion of revenues from Mandarin Gallery under OUE H-Trust’s portfolio after the completion of the merger in September.

Its Development Properties division saw its revenue triple to $133.9m from $43.6m from revenues from selling a property development in Nassim Road, although partially offset by lower revenues from selling OUE Twin Peaks units under deferred payment schemes.

The revenue contributed by its Hospitality division climbed to $62.5m from $61.8m. Its Healthcare division posted a 3.1% growth in revenue to $5.0m attributed to higher contribution from OUE Lippo Healthcare.

The inclusion of revenues from the recently-acquired Bowsprit Capital Corporation also boosted the group’s revenue.

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