OUE full year profit falls 76.2 per cent, hits $90.1 million
Overseas Union Enterprise (OUE) has announced a full-year profit of $90.1 million for the period ended Dec 31, down 76.2 per cent from the $378.7 million in 2011.
This was largely due to a 90.3 per cent fall in fair value gains record for OUE's investment properties; $24.4 million for the recently-ended period versus the $253.1 million recorded in 2011.
OUE's assets include the Crowne Plaza Changi Airport Hotel, OUE Bayfront, One Raffles Place and DBS Building Towers One and Two.
The group's revenue was more positive, moving up 25.7 per cent to $417.9 million, with contributions from the group's hospitality division accounting for a majority of the revenue growth.