OUE reports full-year net profit of S$777.2m

Mainboard-listed Overseas Union Enterprise (OUE) has turned a full-year net profit of S$777.2 million.

This is a reversal from a net loss of S$93.4 million in 2009.

The firm said the better performance is on the back of a 57 per cent increase in its full-year revenue to S$215.6 million.

It added that this is driven by higher contributions from its hospitality and retail divisions, while rental income from DBS Towers, starting from the fourth quarter of 2010, also lifted its income.

Looking ahead, OUE said it has a well diversified portfolio of commercial, residential, retail and hospitality assets in Singapore.

It added that the firm is positioned for further growth on the back of a rosy economic forecast and its expertise in identifying high-yielding investments.

OUE has proposed a final dividend of 2 Singapore cents per share.

Source : Channel NewsAsia – 28 Feb 2011