Hotel group and developer OUE said its third-quarter net profit soared to $107.6 million from $15 million in the same period last year, lifted by a big one-off gain.
The results were achieved on the back of an increase in revenue for the three months to Sept 30 by more than four times to $419.1 million, from $99 million previously.
The robust performance was underpinned mainly by contributions from the property development and property investments divisions. For the property development division, continued sales and marketing efforts of OUE Twin Peaks units drove sales up, leading to revenue contribution of $89.2 million.
Earnings per share swelled to 11.92 cents from 1.65 cents while net asset value per share rose to $4.41 compared to $4.35 as at Dec 31.
OUE said it remains focused on its asset enhancement initiatives at OUE Downtown and active lease management at US Bank Tower.
China Aviation Oil
Physical jet fuel trader China Aviation Oil (Singapore) Corporation (CAO) said its third-quarter net profit soared by 31 per cent to US$23.2 million (S$32.1 million), backed mainly by increased contributions from associates and joint-venture companies.
Revenue for the three months ended Sept 30 surged 64.2 per cent to US$3.9 billion on the back of higher total supply and trading volume.
CAO reported a 100.4 per cent jump in share of profits from associated and joint-venture companies to US$19.5 million.
Earnings per share rose to 2.7 US cents from 2.06 US cents previously while net asset value per share firmed to 74.6 US cents compared to 68.9 US cents as at Dec 31.
BreadTalk Group more than doubled its third-quarter earnings to $3.3 million from $1.6 million in the same period last year.
Revenue for the three months to Sept 30 fell by 2.7 per cent to $157.3 million. Earnings per share rose to 1.16 cents from 0.56 cent while net asset value per share was unchanged at 52 cents.
The group has embarked on a consolidation path, especially in China, in view of a still-challenging food and beverage retail environment in that market.
The bakery division has also commenced a review of its existing franchise portfolio with the aim to consolidate its operations and position the franchise business for future expansion.