Overseas Union Enterprise today reported a net profit of $23.8 million on the back of $102 million in revenues for its third quarter (3Q2012) ended 30 September 2012.
Profit after tax was 19.7% compared to $19.9 million in 3Q2011. Profit before finance expenses and share of results of associates surged 27.1% to $43.6 million.
During the quarter under review, the group’s revenue from property investments hit $37.9 million, a 40.0% jump from $27 million in 3Q2011. This strong surge in revenue was due to rental contributions from OUE Bayfront, the group’s flagship commercial development where occupancy rate had increased year-on-year, and a one-off penalty rent received in relation to another commercial building.
In 3Q2012, the hospitality division recorded a total revenue of $58.2 million, as compared to $57.0 million in the same quarter a year ago. The increase was mainly contributed by Crowne Plaza Changi Airport (CPCA) which was acquired in July 2011.
The group’s property development arm continued to sell more residential units at Twin Peaks, a luxurious condominium project located at Leonie Hill Road, which has more than doubled its income to $5.9 million in 3Q2012.
No comments:
Post a Comment