OUE profit jumps to S$255m on divestment, development gains

Singapore

PROPERTY group OUE made a net profit of S$255.2 million in 2019, up from the S$10 million it made in 2018 on a jump in development income and divestment gains.

Revenue in the 12 months ended Dec 31, 2019 rose 44.8 per cent to S$930.8 million, led by a S$283.7 million jump in income from development properties to S$350 million.