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.
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