SINGAPORE (Nov 2): OUE reported 3Q earnings more than doubled to $107.6 million from $15 million a year ago, thanks to higher sales as well as divestment and other gains.

The property group said this was achieved on the back of an increase in revenue by more than four times to $419.1 million in 3Q16 from $99 million in 3Q15.

The increase was underpinned mainly by contribution from the Property Development and Property Investments divisions.

For the Property Development division, the continued sales and marketing efforts of units at OUE Twin Peaks drove sales up in 3Q16, resulting in revenue contribution of $89.2 million.

The revenue for 3Q16 also included contribution from the divestment of Crowne Plaza Changi Airport Extension (CPEX) to OUE Hospitality Real Estate Investment Trust (OUE H-REIT) on Aug 1, for a consideration of $205 million.

The net gain on divestment of CPEX was roughly $66.7 million after taking into account development and related costs of CPEX.

For the Property Investments division, contribution rose 50.1% to $65.6 million, mainly due to the consolidation of revenue from One Raffles Place following the acquisition of additional interests in OUB Centre in Oct 2015, which was previously equity-accounted.

Revenue for the Hospitality division remained in line at $52.4 million.

In addition, the group also benefitted from other gains of almost $29 million, largely from the reversal of impairment losses of $15.1 million from the units sold at OUE Twin Peaks.

Looking ahead, OUE says it remains focused on its asset enhancement initiatives at OUE Downtown and active lease management at US Bank Tower.

Shares of OUE closed at $1.69.