OUE swings back into the red with $25.7m net profit in Q2

One Raffles Place’s raised operating results boosted topline.

OUE climbed its way back into the red, as it reversed its 2Q15 $16.3m net loss into an attributable profit of $25.7m in 2Q16.

According to OUE's media release, this is thanks One Raffles Place's high operating results pushing earnings before interest and tax by 14.3% to $38m. On top of this, Q2 income also enjoyed other gains of $28.1m comprising mainly of reversal of impairment losses on OUE Twin Peaks.

This was partly offset, however, by higher borrowing costs.

Meanwhile, OUE's property investments and property development divisions boosted revenue by 40.4% to $134.3m.

Further, OUE proposed an interim tax-exempt dividend of 1 S cent per share, and a special tax-exempt dividend of 2 S cents per share.