OUE Limited posted a 23.1 posted an increase in net attributable profit to $16.5 million for Q3 2014.
However, revenue was lower at $106.3 million in Q3 2014, as compared to $119.1 million in Q3 2013, due to lower residential sales and the absence of contribution from the China hotels.
Its Property Development division saw a decline in revenue to $11.8 million from $19.2 million in the same period last year due to lower sales generated from Twin Peaks, a residential project at Leonie Hill.
Revenue generated from OUE’s Property Investment division also dropped to $38 million from $39.6 million in Q3 2013, having previously included contributions from Mandarin Gallery which is currently held via the Group’s associate, OUE Hospitality Trust.
The decrease was partially offset by revenue contribution from Lippo Plaza, which was acquired by OUE Commercial Real Estate Investment Trust in the first quarter of 2014.
The Group’s net asset value per share increased 27.7 percent to $4.06, up from $3.18 as at 31 December 2013 and a net gearing of 44.6 percent.
Image source: OUE’s website
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
