Lacklustre property sentiment hits OUE's Q2

OUE Limited yesterday reported a 69.6 per cent drop in net profit to S$4.4 million for its second quarter ended June 30. Revenue fell 10.6 per cent to S$100.2 million.

The lower revenue was due to the "lacklustre Singapore residential property market sentiment" and the absence of contribution from the China hotels which were divested in September 2013, the developer said. It is involved in residential, commercial and hospitality projects.

"There were, however, positive contributions from US Bank Tower and Lippo Plaza which were acquired in June 2013 and January 2014 respectively," it said.