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OUE 2Q earnings sink 73% to $7 mil on lower reversal of impairment losses

Michelle Zhu
Michelle Zhu8/3/2017 11:56 PM GMT+08  • 2 min read
OUE 2Q earnings sink 73% to $7 mil on lower reversal of impairment losses
SINGAPORE (Aug 3): Property group OUE has announced earnings of $7.1 million for the 2Q17 ended June, down 72.6% from $25.7 million in 2Q16 mainly due to a lower reversal of impairment losses on OUE Twin Peaks
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SINGAPORE (Aug 3): Property group OUE has announced earnings of $7.1 million for the 2Q17 ended June, down 72.6% from $25.7 million in 2Q16 mainly due to a lower reversal of impairment losses on OUE Twin Peaks

Revenue for 2Q17 grew 39.5% to $187.3 million compared to $134.3 million a year ago.

This was due largely to a more than doubling of development property income to $55.2 million in 2Q17 from $18.7 million in 2Q16, attributed to a higher number of OUE Twin Peaks units sold where the sales was completed in current quarter.

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