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OUE fiscal 2018 earnings tumble 89.4% to S$10m

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PROPERTY developer OUE Limited’s net profit for the full year ended Dec 31, 2018 has dropped to S$10 million, down 89.4 per cent from S$94.6 million the year before. Read more at The Business Times.

PROPERTY developer OUE Limited’s net profit for the full year ended Dec 31, 2018 has dropped to S$10 million, down 89.4 per cent from S$94.6 million the year before.

Earnings per share dropped to 1.11 Singapore cents, down from 10.49 cents the year before. Meanwhile, net asset value per share was at S$4.37, compared with S$4.46 the year before. For its development property division, revenue decreased 68.5 per cent to S$65.9 million, from S$209.5 million the year before. The decrease in revenue was due to fewer sales completed for units sold under deferred payment schemes.

The company saw revenue from its investment properties division increasing to S$274.4 million, up 1.3 per cent from S$271 million the year before. This was attributable to a full year’s rental income from Downtown Gallery which started operations in May 2017.

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