{"id":107083,"date":"2019-05-13T13:23:51","date_gmt":"2019-05-13T06:23:51","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/oue-profit-up-0-3-in-q1-2019\/"},"modified":"2019-05-13T14:03:12","modified_gmt":"2019-05-13T07:03:12","slug":"oue-profit-up-0-3-in-q1-2019","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/oue-profit-up-0-3-in-q1-2019\/","title":{"rendered":"OUE Profit Up 0.3% In Q1 2019"},"content":{"rendered":"


\nIts development property division contributed $7.2 million in revenue, due to the completion of certain OUE Twin Peaks units sold under deferred payment schemes.
\nMainboard-listed OUE\u2019s profit for the first quarter of 2019 increased 0.3 percent year-on-year to $1 million, while revenue rose 1.2 percent year-on-year to $147.3 million.
\nIn an SGX filing, the property developer attributed the hike mainly to \u201chigher contributions from the group\u2019s investment properties and development property divisions, offset partially by lower contributions from the hospitality and healthcare divisions\u201d.
\nIts investment properties division saw revenue climb 2.8 percent to $71.5 million, mainly due to higher occupancy at US Bank Tower.
\nIts development property division contributed $7.2 million in revenue, due to the completion of certain OUE Twin Peaks units sold under deferred payment schemes.
\nMeanwhile, revenue from its hospitality division fell by $2.6 million to $56.3 million due \u201cto lower room revenue and banquet sales from Mandarin Orchard Singapore, partially mitigated by higher contribution from Oakwood Premier OUE Singapore, the serviced residences at OUE Downtown\u201d.
\nALSO READ:\u00a0Can You Get Deferred Payment Scheme For Your New Home?
\nThe drop in revenue at its healthcare division, on the other hand, was due to lower revenue recognition from its China operations.
\nNonetheless, the group\u2019s healthcare division, OUE Lippo Healthcare (OUELH), completed its maiden venture in Myanmar with the acquisition of a medical centre, two clinics and three hospitals.
\nThe move is part of the group\u2019s strategy of expanding its pan-Asia healthcare network.
\n\u201cAs part of the Group\u2019s efforts to further scale up its businesses, OUE expanded into the Food & Beverage and Lifestyle business with the acquisition of a 49.7 percent stake in Superfood Retail Limited, which owns and operates cafes and restaurants in Singapore and Hong Kong. The acquisition is a complementary fit with OUE\u2019s current food & beverage portfolio and will provide the Group with an immediate footprint in these markets and access to an experienced F&B team,\u201d said the company.
\nIn April 2019, OUE also sold its minority stakes in Marina Mandarin Singapore as well as the Marina Square retail and commercial complex for a total amount of $390 million.
\n\u201cThe divestments allow OUE to unlock the value of its investments, while proceeds from the divestments will position the group to seize new opportunities.\u201d
\nHome buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nFiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email\u00a0fiona@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…OUE Profit Up 0.3% In Q1 2019<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Its development property division contributed $7.2 million in revenue, due to the completion of certain...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-107083","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-rR9","jetpack-related-posts":[{"id":71026,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/oue-revenue-down-56-6-in-q3-2017\/","url_meta":{"origin":107083,"position":0},"title":"OUE revenue down 56.6% in Q3 2017","date":"November 6, 2017","format":false,"excerpt":"\r Oakwood Premier OUE Singapore is a 268-unit luxury serviced apartment, located in the heart of Singapore. 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