OUE swings back to profitability in 2Q

SINGAPORE (Aug 4): Property group OUE swung back into the black with 2Q earnings of $25.7 million from a loss of $16.3 million a year ago.

Revenue for the three months to June rose 40.4% to $134.3 million, boosted by strong contributions from both the Property Investments and Property Development divisions.

Revenue from the Property Investments division rose 58.4% to $67.6 million, mainly due to the consolidation of revenue from One Raffles Place (ORP) following the acquisition of additional interest in OUB Centre (OUBC) in October 2015.

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