Developer OUE reports net loss of $16.3 million for Q2

SINGAPORE - Mainboard-listed integrated property developer OUE reported a second quarter net loss of S$16.3 million on Friday.

It said that this was owing to other losses of S$20.5 million, arising mainly from fair value losses on its investments in a mutual fund.

Excluding fair value losses, which are non-cash items, OUE's core business and operations recorded attributable profits of S$4.3 million.

OUE posted a 4.5 per cent dip in revenue to S$95.7 million for the three months to June 30, compared with the same period a year ago.

The firm said that there was strong performance contribution from the property investment division due to higher occupancy rates.

But this was partially offset by lower contribution from the hospitality and property development divisions.

Earnings before interest and tax remained steady at S$33.3 million, OUE added.