OUE records healthy 2011 results

Property Guru – Wed, Feb 22, 2012

Mainboard-listed integrated property developer Overseas Union Enterprise Limited (OUE) has posted a revenue increase of 54.2 percent to S$332.4 million for the financial year ended 31 December 2011, driven by higher contributions across all its business divisions.

OUE's hospitality division enjoyed healthy performance across all hotels. As a result, the company's hospitality business attained a 25 percent year-on-year increase in income to S$215.5 million, which accounted for 64.8 percent of its overall revenue for the year.

Meanwhile, income from its property investment division jumped 177.8 percent to S$106.9 million, mainly attributed to full-year contributions from OUE Bayfront (OUE Link and OUE Tower) and DBS Building Towers One and Two, in which committed occupancy stood at 91 percent.

On the company's residential front, it recorded a total income of S$7.6 million, fuelled by the sale of off-plan units at Twin Peaks project, which is currently under construction.

In appreciation of the company's shareholders' support, Dr Stephen Riady, Executive Chairman of OUE, said, "The Board of Directors has recommended a special dividend of eight Singapore cents per share, in addition to a final dividend of three Singapore cents per share. The group remains committed to increase shareholder value."

He noted that the group turned in commendable results for the fiscal year, despite the challenging global economic conditions.

"Our strategy of keeping a well-diversified portfolio of prime assets across four sectors has paid off with healthy recurring income growth for OUE as a whole. Our acquisition of Crowne Plaza Changi Airport Hotel (pictured) also gave an added boost to our performance." Related Stories:

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