Revenue from the real estate segment grew 25.5% to $419.9 million because of an 8.1% rise in contributions from investment properties. Revenues from OUE's hospitality segment jumed 44% to $142.6 million. OUE benefitted from its stakes in OUE Commercial REIT which owns Hilton Singapore Orchard and Crowne Plaza Changi Airport. HSO was fully reopened in January 2023.
OUE reported net profit attributable to shareholders of $81.1 million in FY2023 for the year ended Dec 31, 2023, down 57.3% y-o-y, despite a 26.9% rise in revenue to $673.1 million. The decline was mainly due to lower share of results of equity-accounted investees, higher fair value losses recognised for investment properties, higher net finance expenses, and lower net write-back of impairment losses recognised on property, plant and equipment, partially offset by higher net change in fair value of investments designated at fair value through profit or loss, the company said in a statement.
Much of OUE (SGX:LJ3
) 's revenue and earnings is derived from its 48.7% stake in OUE Commercial REIT (SGX:TS0U) , its 32.6% stake in First REIT, and its 70.3% share of OUE Healthcare.
