OUE 2016 profit down 7.7% to S$144.4m

PROPERTY developer OUE Limited reported a net profit of S$144.4 million for its financial year ended Dec 31, 2016, down 7.7 per cent from S$156.4 million in 2015.

Revenue more than doubled to S$884.2 million from S$431.5 million a year ago. Higher revenue came from sales of the OUE Twin Peaks condominium, as well as the consolidation of revenue from the One Raffles Place office tower after a previous acquisition of additional interest.

Lower profits were due to higher finance costs and net fair value losses on investment properties.

The company did not carve out its fourth-quarter results from the full-year results. A two Singapore cent final dividend was declared, bringing total cash dividend for the year to five Singapore cents, unchanged from a year ago.

Net asset value at end-2016 was S$4.45 a share, up from S$4.35 a year ago.

The company also said that Bernard Lim Eng Chuan, 49, OUE senior vice-president of finance, has been appointed as chief financial officer.

OUE closed at S$1.95, up half a cent, before the results were released.