OUE posts S$1.09b profit for FY14, reversing earlier loss

Singapore

BUOYED by its divestments, integrated property developer OUE Ltd has posted a net profit of S$1.09 billion for its financial year ended Dec 31, 2014, rebounding from the S$36.6 million loss a year ago.

This was primarily due to the unlocking of values of Mandarin Orchard Singapore and Mandarin Gallery upon their disposal to OUE Hospitality Trust and the fair value gains on OUE Bayfront, Lippo Plaza and US Bank Tower.