SINGAPORE: Real estate group OUE reported a 91.8 per cent slump in first-quarter earnings following the deconsolidation of its subsidiary OUE Hospitality Trust (OUE H-Trust) in March.
Net profit for the three months ended March 31 plummeted to $77.2 million, a far cry from the $945.6 million in the same period last year.
Revenue inched up 1 per cent to $108 million, thanks to higher contributions from Lippo Plaza in China, the U.S. Bank Tower in the United States, and OUE Twin Peaks in Singapore.
The hospitality division turned in a revenue of $50.2 million, down 4.1 per cent from previously, as a result of lower occupancy rates achieved by its hotel properties, said OUE in a statement.
