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THANKS to lower operating and financial expenses, OUE Limited reported a 23.1 per cent rise in net profit to S$16.5 million for the third quarter ended Sept 30, defying a 10.8 per cent drop in revenue.
Revenue was lower at S$106.3 million during the quarter, down from S$119.1 million in the same period last year, dragged by lower residential sales and the absence of contribution from the China hotels which were disposed last year.
But profit from associates almost tripled to S$12.9 million from S$4.7 million a year ago, as the group recognised its share of the results of OUE Hospitality Trust as well as contribution from the revamped retail mall, One Raffles Place, which commenced operations in May 2014.
Shares of OUE ended unchanged at S$2.12 after Tuesday's trading.