OUE projects net loss for FY2020

The pandemic has affected the ability of tenants to pay rent and other fees.

OUE Limited has informed it shareholders that it would likely post a loss for 2020, the company disclosed on 17 February.

On its investment properties, OUE reported an approximate loss of $424.4m. Approximately $298.9m, or 68.8%, of this loss was due to the disposal of the US Bank Tower September last year.

Impairment losses on property, plant and equipment, and intangible assets was also a factor to the loss.

The COVID-19 pandemic has dampened profit further, as it has affected the ability of tenants to pay rent and other fees.

The company is finalizing its FY2020 financial results, scheduled for disclosure on 24 February.

In 2019, OUE posted a net profit of $321.8 million

OUE stocks closed at $1.13 per share on 17 February, lower than its $1.14 close a day prior.