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OUE Q3 profit surges to S$124.1m after OUE C-Reit, OUE H-Trust merger

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OUE Limited's third-quarter net profit surged to S$124.1 million, almost 60 times that of the S$2.1 million net profit for the year-ago period due to higher earnings before interest and taxes and a one-off non-cash gain of S$90.9 million arising from the merger of OUE Commercial Real Estate Investment Trust and OUE Hospitality Trust .Revenue jumped 54.1 per cent to S$282.5 million from S$183.

9 million in revenue versus S$43.6 million a year ago. The increase was mainly due to revenue recognised on the sale of a property at 26A Nassim Road, with the gain partially offset by lower revenue recognised on the sale of the OUE Twin Peaks units sold under deferred payment schemes, said OUE.Ebit was up 59.7 per cent to S$90.4 million from S$56.

Source: News Formal (newsformal.com)

 

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