SINGAPORE (Feb 23): OUE, the integrated property developer, reported FY17 earnings fell 31.5% to $98.9 million from $144.4 million in FY16, led by lower earnings before interest and tax but partially mitigated by higher fair value gains on investment properties.
Excluding a non-recurring revenue of $205.0 million on the disposal of the extension to Crowne Plaza Changi Airport (CPEX) to OUE Hospitality Real Estate Investment Trust in FY2016, the Group recorded $74.9 million higher revenue in FY17.
Revenue from the Investment Properties Division increased 2.4% to $271.0 million in FY17 due mainly to rental income from OUE Downtown office towers and Downtown Gallery, the latter having commenced operation in May 2017.
For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)