Friday, August 10, 2012

OUE's net profit climbs 33.8%

Property developer Overseas Union Enterprise Limited (OUE) posted a 33.8 percent rise in net profit to S$22.8 million in the second quarter, buoyed by strong performance of its hospitality and property investment divisions.

OUE’s hospitality division achieved total revenue of S$57.6 million, up 29 percent from S$44.6 million in the previous year, boosted by contributions from Crowne Plaza Changi Airport Hotel and other hotels.

At the same time, revenue from property investment increased by 34.2 percent to S$34.4 million from S$25.6 million last year. Growth was attributed to higher contribution from OUE Bayfront (pictured
), the firm’s flagship commercial development.
“Our second quarter financial performance was supported by the strong recurring income from our diversified portfolio of prime assets,” said Dr. Stephen Riady, Executive Chairman at OUE.

“Our office and retail properties as well as our hotels in Singapore currently enjoy healthy occupancy. In addition, we intend to continue focusing on active lease management of our office and retail properties to maximise returns.”

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