SINGAPORE - Real estate group OUE reported a 91.8 per cent slump in first-quarter earnings following the deconsolidation of its subsidiary OUE Hospitality Trust (OUE H-Trust) in March.

Net profit for the three months ended March 31 plummeted to $77.2 million, a far cry from the $945.6 million in the same period last year.

Revenue inched up 1 per cent to $108 million, thanks to higher contributions from Lippo Plaza in China, the U.S. Bank Tower in the United States, and OUE Twin Peaks in Singapore.

The hospitality division turned in a revenue of $50.2 million, down 4.1 per cent from previously, as a result of lower occupancy rates achieved by its hotel properties, said OUE in a statement on Friday.

Revenue from the investment property division fell 3.2 per cent to $42.5 million, in line with a reduction in the group's equity interest in OUE H-Trust and the absence of contribution from Mandarin Gallery.

Earnings per share came in at 0.08 cent, down from the 1.04 cents previously, while net asset value per share stood at 4.35 cents as at Mar 31, higher than the 4.23 cents as at Dec 31 last year.

OUE said that its project for the construction of Crowne Plaza Changi Airport's extension is "well on track", and is expected to be completed by the end of this year, but no later than June next year.

The extension will add 243 guest rooms to the hotel, bringing its total number of rooms to 563.

Once completed, the project will be divested to OUE Hospitality Real Estate Investment Trust's (OUE H-Reit) as part of the group's "capital recycling strategy".

OUE shares closed unchanged at $2.18 on Friday.