OUE's Q1 net profit more than doubles on gains from reit spin-off
Published on May 9, 2014 8:05 PM
First quarter net profit at developer Overseas Union Enterprise (OUE) surged more than 100 per cent after proceeds from spinning off property into OUE Hospitality Trust were recognised.
Earnings came in at $945.6 million, up from $1.7 million in the corresponding period last year.
OUE Hospitality Trust, which was listed last July, holds two assets in Orchard Road - the Mandarin Orchard hotel and the Mandarin Gallery mall.
OUE's sale of these properties to the real estate investment trust (reit) were fully recognised in the first quarter ended Mar 31, as $986.4 million in proceeds.
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