OUE sinks into the red with $96.1 million first-half loss
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Loss per share stood at 11.42 cents for the half-year period, from earnings per share of 4.75 cents the previous year.
PHOTO: BT FILE
Tan Nai Lun
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SINGAPORE - OUE sank into the red with a net loss of $96.1 million for its first half ended June 30, compared with a net profit of $40.2 million in the previous corresponding period.
This was mainly due to share of losses contributed by 25.2 per cent-owned investee company Gemdale, whose principal activities in mainland China were hit by the property market slowdown and the current economic environment, said the real estate and healthcare group in a regulatory filing on Aug 12.
Profits also took a hit from higher finance expenses, tax expenses and lower net change in fair value of investments designated at fair value through profit or loss, the company added.
Loss per share stood at 11.42 cents for the half-year period, from earnings per share of 4.75 cents the previous year.
Revenue for the first half rose 3.3 per cent to $314.5 million, from $304.5 million a year earlier. This was due to higher contributions from its real estate and “others” business segments.
The real estate segment grew 5.1 per cent on year to $215.4 million, due to higher revenue from the investment properties and fund management and hospitality business divisions.
The “others” segment, which includes contributions from food and beverage operations, saw revenue rise 15.8 per cent to $22.8 million due to contributions from a new dining concept that was launched in the fourth quarter of 2023.
An interim dividend of one cent per share was declared for the half year, unchanged from the year before. The dividend will be paid out on Sept 26, after books closure on Sept 12.
Shares of OUE were trading unchanged at $1.03 as at 9.17am on Aug 13, after the results release. THE BUSINESS TIMES
