OUE's net profit plunged 91.8% to $77.2m in Q1

Blame it on one-off gains last year.

Integrated property developer OUE Limited reported that its net profit crashed 91.8% year-on-year to $77.2m in the first quarter.

The group attributed the decline to the absence of one-off gains from the deconsolidation of OUE Hospitality Trust in the same period last year.

Revenue remained fairly flat at $108m in the quarter, as the group recognised higher contributions from Lippo Plaza, U.S. Bank Tower and OUE Twin Peaks.

On the hospitality front, the group;s revenue slipped 4.1% to $50.2m due to lower occupancy rates
achieved by its hotel properties.

Meanwhile, revenue from the investment property division edged down 3.2% to $42.5m in the absence of contribution from Mandarin Gallery, after the group pared its stake in OUE H-TRUST. This was mitigated by higher revenue recognised for Lippo Plaza and U.S. Bank Tower.

OUE’s sole residential project, OUE Twin Peaks, obtained its Temporary Occupation Permit (TOP) in February 2015 and contributed $13.4m during the quarter.