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.

Earnings per share were at 10 cents per share, down from a restated 39 cents the previous year.

Net asset value as at Dec 31 2012 was $3.49, higher than the restated $3.47 recorded for 2011.

Dr Stephen Riady, OUE's executive chairman said given the subdued economic conditions, the group was satisfied with it's performance.

"We continue to enjoy recurring income growth from our well-diversified portfolio of prime assets.

"During the year, we maintained focus on our active lease management and asset enhancement strategy as we explored strategic investment opportunities."

A proposed dividend of eight cents a share has been declared for the period. If approved, it will be paid on May 31 2013.