OUE's net profit surges 85% to $15.4m in Q1

Thanks to the reversal of impairment losses on OUE Twin Peaks.

A combination of stronger revenue, lower finance expenses, and the reversal of impairment losses has led to the surge in net profits for OUE in Q1.

The group managed to record a $15.4m net profit for the quarter ending in March, with revenue jumping 60% to $193m on the back of stronger contributions from property development and property investment segments.

It has reported a $72.6m revenue in its property development division, attributable to the sale of more units in the OUE Twin Peaks. As of the end of the quarter, it managed to sell 411 units at the said luxury project.

The group's property investment segment saw revenue rising to $68m. Meanwhile, its hospitality segment saw a measly 0.4% growth to $51.9m.