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OUE's Q3 net profit falls 90%

PROPERTY developer OUE posted a 90 per cent drop in net profit for the third quarter to S$10.7 million from S$107.6 million a year ago on the back of lower Ebit (earnings before interest and taxes), reversal of impairment losses of OUE Twin Peaks and mark-to-market gains on investments.

The lower Ebit was mainly due to the absence of S$66.7 million non-recurring gain on the disposal of Crowne Plaza Changi Airport Extension (CPEX) that was recorded in Q3 of 2016.

Revenue for the three months to September fell 56.6 per cent to S$181.9 million from S$419.1 million, chiefly due to the absence of S$205.0 million non-recurring revenue recorded on the CPEX disposal and lower contribution from OUE Twin Peaks.

This was partially mitigated by stronger performance from the hospitality and healthcare divisions, said OUE in its results announcement.

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Earnings per share came in at 1.19 Singapore cents versus 11.92 Singapore cents a year ago.

No dividend was recommended for the period, unchanged from a year ago.

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