OUE Q1 profit plunges 91.8%

Singapore

PROPERTY developer OUE's net profit for the first quarter ended March 31, 2015, plunged 91.8 per cent to S$77.2 million, compared to S$945.6 million in the year-ago period, due to the absence of one-off gains from the deconsolidation of OUE Hospitality Trust.

Meanwhile, the group's revenue held steady at S$108 million, up one per cent from the corresponding period a year ago, as it recognised higher contributions from Lippo Plaza, US Bank Tower and OUE Twin Peaks.