Singapore property firm Overseas Union Enterprise (OVES.SI) said on Wednesday its second quarter net profit rose 20%, helped by higher revenue from its hospitality and property investment businesses.
OUE said it earned a net profit of $20.1 million for the three months ended June, up from $16.7 million a year ago.
The company’s revenue from its property investment division more than tripled to $25.6 million in the second quarter compared to $8.1 million in the year ago period, it said in a statement.
“Singapore’s positive economic outlook, coupled with the projected increase in visitor arrivals in 2011, is expected to benefit the group’s hospitality and retail businesses in Singapore,” OUE’s executive chairman Stephen Riady said.
OUE, whose hotel assets include Mandarin Orchard Hotel in Singapore and Meritus Shantou in China, is looking to raise about US$750 million ($903 million) in a planned property trust IPO, sources had told Reuters in May.
The property developer said it will pay an interim tax-exempt dividend of 2 cents a share.
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