OUE reverses into black for FY2021, proposes final dividend of 1 Singapore cent per share

PROPERTY developer L J3 reported FY2021 ending Dec 31 earnings of S$80.9 million, reversing from losses of S$343.4 million a year prior.

The mainboard-listed company's FY2021 revenue declined 43.3 per cent to S$300.8 million from S$530.5 million in FY2020 due mainly to lower contribution from the real estate segment, it said in a filling on Monday (Feb 28) to the Singapore Exchange.

OUE is proposing a final tax-exempt dividend of 1 Singapore cent per share, bringing the total cash dividend to 2 Singapore cents per share for FY2021.

The growth in earnings was driven mostly by lower share of fair value losses on investment properties and higher adjusted earnings before interest and taxes and other losses. This was partially offset by the higher share of impairment losses recognised on property, plant and equipment in FY2021.

The property developer expects the economic recovery in Singapore to be disparate across sectors as risks remain due to the uncertainty arising from the pandemic.

"The group has sufficient liquidity to meet its near-term debt obligations and will continue to exercise prudent capital management moving into the new financial year," it said.

Shares of OUE Limited closed up 0.77 per cent or S$0.01 to S$1.31 on Monday.