OUE reports 23% jump in Q1 net profit

Mainboard-listed Overseas Union Enterprise has reported at 23 per cent jump in its net profit for its first quarter, at S$227.6 million.

This was boosted by a fair value gain of around S$249 million, after it obtained a Temporary Occupancy Permit for OUE Bayfront. Revenue for the first quarter grew by 42.2 per cent to S$68 million.

Looking ahead, OUE said the positive economic outlook and projected increase in visitor arrivals are expected to benefit the group’s hospitality and retail businesses in the current financial year.

Source : Channel NewsAsia – 9 May 2011

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