OUE Limited's profit attributable to shareholders rose to S$30.1m H1

Its revenues, however, declined 49.5% to S$152. 

OUE Limited reported profit attributable to shareholders is at S$30.1m in the first six months of 2021, following an attributable loss of S$207.2m in the same period last year.

“The increase in profit attributable to shareholders was mainly due to the absence of fair value loss recognised on U.S. Bank Tower in the first half (H1) of 2020,” OUE Limited said in a press release.

OUE Limited posted a 49.5% year-on-year (YoY) decline in revenues to S$152m in the first half from S$301.1m in the same period last year due to lower contributions in most of its business divisions.

It said that revenues from its Investment Properties division fell 24.37% to S$105.2m in H1 YoY from S$139.1m, following the divestment of US Bank Tower and the partial divestment of OUE Bayfront, OUE Tower, and OUE Link in September 2020 and March 2021, respectively.

Its Hospitality division also saw a 41.1% YoY decrease in revenues to S$25.8m in H1 from S$43.8m due to the impact of travel restrictions and safety measures against COVID-19.

Development Properties division of OUE also recorded an almost 100% YoY decline in revenue to S$0.2m from S$98.5m last year due to the absence of completion of OUE Twin Peaks units sold under deferred payment schemes during the period. The revenue accounted for were from rental income from unsold units that are still for sale.

Revenue from its Healthcare division remained stable at S$14.7m, whilst the Consumer division posted a 22% YoY increase to S$6.1 in the first six months from S$5m due to improved food and beverage sales following the easing of dine-in restrictions.

OUE’s adjusted earnings before interest and taxes decreased 16.5% YoY in the first half to S$104.4m from S$125.1m due to lower contribution for equity-accounted investees and decline in revenues across its business divisions.