Mainboard-listed Overseas Union Enterprise Limited (OUE) has announced that its 2010 full-year profit reached S$777.2 million, reversing a net loss of S$93.4 million in 2009.
The strong performance was attained on the back of a 56.8 percent increase in revenue to S$215.6 million, driven primarily by improved contributions from its Hospitality and Retail divisions.
OUE’s profit before tax increased to S$904.6 million in 2010, compared to a loss of S$98 million in 2009.
Earnings per share for 2010 were S$0.79, compared to a net loss per share of S$0.09 in 2009. Total assets increased 70.3%, from S$2.8 billion (as of 31 December 2009) to S$4.7 billion (as of 31 December 2010).
“The ideal momentum of the current business environment spurred our operating performance to greater heights. Apart from the strong growth from our hospitality and retail divisions, contributions from DBS Towers also had positive impact on our earnings,” said Dr. Stephen Riady, Executive Chairman of OUE.
“OUE’s continued growth is testament to the robustness of the Group’s strategy of leveraging our expertise to enhance the value of our assets and unlock more opportunities by enhancing our portfolio.”
Despite higher finance expenses, OUE ended the fiscal year with a net cash position of S$226.4 million, compared to S$198.0 million in 2009.