Property developer Overseas Union Enterprise (OUE) posted an 84.4 percent decline in net profit to S$19.9 million for the third quarter ended 30 September 2011.
The group’s revenue grew 68.7 percent to S$86.4 million in Q3 2011, mainly attributed to higher income generated from its property investment and hospitality divisions.
Income from OUE’s property investment division rose 230.2 percent to S$27 million, while its hospitality segment achieved 34.3 percent revenue growth to S$57.0 million in Q3 2011.
Additionally, the group’s property development division recorded S$2.3 million in revenue from the sale of units at its Twin Peaks residential project.
“Our strategy of a well-diversified portfolio of strategically-acquired prime assets and asset enhancement continues to work in our favour, as evident from the healthy growth of our recurring income,” said Stephen Riady, Executive Chairman of OUE.
“We look forward to further gains with the expected completion of One Raffles Place Tower 2, a commercial property in which we hold a partial indirect interest.”
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