OUE Q2 profit down 72.6% to S$7m on lower reversal of impairment losses

DEVELOPER OUE Limited said net profit for its second quarter ended June 30, 2017, was S$7 million, down 72.6 per cent from S$25.7 million a year ago.

Revenue rose 39.5 per cent to S$187.3 million, mainly due to a higher number of OUE Twin Peaks units sold. The group also recognised revenue for its healthcare division due to medical property firm International Healthway Corp becoming a subsidiary in March.

But profit fell mainly due to a lower reversal of impairment losses on OUE Twin Peaks.

An interim dividend of one cent a share was declared.

Net asset value per share was S$4.38 at end-June, down from S$4.45 at end-2016.

OUE last traded unchanged at S$2.05.