OUE FY2015 net profit down 85.7% to S$156.4 million

OUE's net profit for the full year ended December fell 85.7 per cent, from S$1.09 billion to S$156.4 million. Revenue for the full year inched up 3.6 per cent, from S$416.4 million to S$431.5 million.

For the year under review, a negative goodwill was recognised as a result of the acquisition of Gemdale by the group's joint venture. As a result, other gains fell 98.3 per cent, from S$1.18 billion the previous year to S$20.3 million.

OUE is proposing a final cash dividend of one Singapore cent per share, bringing the total cash dividend for FY2015 to five Singapore cents per share.

"Despite challenging operating conditions in the past year, our resilient business model has enabled us to deliver a set of sound financial results ... We will continue to take a prudent and focused approach to achieving our long-term strategic priorities," said Stephen Riady, executive chairman of OUE.