OUE Q3 net profit up 23% as expenses fall

Singapore

AIDED by lower operating and financial expenses, OUE Limited reported a 23.1 per cent rise in third-quarter net profit to S$16.5 million despite a 10.8 per cent drop in revenue and lower gross margin.

Group revenue fell to S$106.3 million for the three months ended Sept 30, from S$119.1 million a year earlier. This was due to lower residential sales and the absence of contribution from the China hotels which were disposed of last year. But cost of sales rose 6.2 per cent to S$62.9 million.