OUE Limited Q2 profit down 24.6% to S$5.3m

INTEGRATED property developer OUE Limited saw net profit fall 24.6 per cent to S$5.3 million for the second quarter ended June 30, from S$7.1 million in the year-ago period, it announced on Friday night.

Revenue was down 19.6 per cent to S$150.7 million from S$187.3 million, due mainly to an absence of contribution from its development property division as there was no completion of sale of units. Excluding the development property division, revenue would have risen by S$18.5 million or 14 per cent year-on-year as contribution improved across most business divisions, such as investment properties and hospitality.

Earnings per share for the quarter were 0.59 Singapore cent, compared to 0.78 Singapore cent in the year-ago period.

OUE has proposed an interim dividend of one Singapore cent per share, payable on Sept 27, in line with the declared dividend for the year-ago period.

With the latest results, OUE's first-half net profit was down 64.9 per cent to S$6.4 million from S$18.1 million for the first half of FY2017. First-half revenue was down 22.8 per cent to S$296.3 million from S$383.6 million.

OUE shares closed down one Singapore cent or 0.6 per cent at S$1.57 on Friday before the results.