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OUE expects to record loss in FY2020

Felicia Tan
Felicia Tan2/18/2021 09:18 AM GMT+08  • 1 min read
OUE expects to record loss in FY2020
OUE will release its results on Feb 24.
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OUE Limited has guided that it expects to record a loss after tax for the FY2020 compared to profit after tax (PAT) of $321.8 million in FY2019 ended December.

The loss is mainly due to the overall net fair value losses on investment properties of some $435.4 million.

SEE: OUE C-REIT kept on 'hold' as hospitality sector outlook remains challenging

Of the $435.4 million, some $298.9 million in fair value loss was registered in relation to the disposal of US Bank Tower, which was completed in September 2020.

The group also logged impairment losses on property, plant and equipment, and intangible assets based on impairment assessments as at Dec 31, 2020.

The loss is also attributable to the adverse impact of Covid-19, according to the group.

OUE will release its results on Feb 24.

As at 9.18am, shares in OUE are trading 2 cents lower or 1.8% down at $1.11.

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