Hotel disposal adds almost $1b to OUE gain
Group makes $105m provision for Twin Peaks project based on latest valuation
Singapore
INTEGRATED property developer OUE Limited's net profit for the fiscal first quarter ballooned to $945.6 million from $1.8 million a year ago.
This was due to the recognition of net fair value gain on the Lippo Plaza property which amounted to $114.8 million and a gain of $986.4 million from the disposal of Mandarin Orchard Singapore and Mandarin Gallery to OUE Hospitality Trust. This was offset by an allowance for forseeable loss of $105 million provided on Twin Peaks based on the latest valuation obtained.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama