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
Suntec Reit Q1 DPU down 13% to S$0.01511 in absence of capital distribution
Sheng Siong Q1 net profit up 9.3% on higher revenue
Great Eastern chairman appeals for patience as shareholders fume over share price ‘disaster’
Changi Airport’s Q1 passenger movements surpass pre-pandemic levels
S&P Global first-quarter profit beats estimates on strong product demand
Malaysia mulls over plans for casino in Forest City as part of Johor-S’pore Special Economic Zone: sources