Wednesday, February 22, 2012

OUE's full-year earnings fall 57% but revenue rises

traits Times: Wed, Feb 22
EARNINGS at property firm Overseas Union Enterprise (OUE) plunged 57 per cent to $335.7 million for the year, partly due to the absence of fair value gains.


However, revenue for the 12 months ended Dec 31 increased 54 per cent to $332.4 million on the back of growth in the hospitality and property investment divisions.


OUE recorded other gains - mainly fair value gains on its investment properties and reversal of impairment losses on its China hotels' property, plant and equipment - of $265.5 million for the full year. This was down sharply from $771.8 million in 2010...

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