OUE posts S$343.4m loss for FY2020

Published Thu, Feb 25, 2021 · 05:50 AM

OUE Limited posted a net loss of S$343.4 million for the year ended Dec 31, 2020, a reversal from the S$255.2 million net profit it reported in FY2019.

The property player attributed this to overall net fair-value losses recognised on investment properties of approximately S$435.4 million, as well as impairment losses on property, plant and equipment and intangible assets.

In particular, it recorded a S$298.9 million fair-value loss on the disposal of the US Bank Tower in Los Angeles, California. The value was derived from the difference between the sale price and the last reported fair value of US$650 million as at Dec 31, 2019.

Revenue shrank 43 per cent to S$530.5 million from S$930.8 million a year ago, with declines across all its segments. The pandemic's impact was especially felt in the hospitality division, where revenue decreased 64.6 per cent to S$85.5 million on lower room occupancy and banquet sales.

Loss per share was 38.18 cents. In FY2019, OUE posted earnings per share of 28.31.

OUE is proposing a final cash dividend of one cent per share. In FY2019, it paid out a total dividend of 5 cents per share, comprising a final dividend of one cent and special dividend of 4 cents.