OUE has reported revenue of $304.5 million for its 1HFY2023, up 53.3% y-o-y, with across-the-board growth seen for its three key business segments.
However, earnings in the same period was down 54.6% y-o-y to $40.2 million for its 1HFY2023, as it got to put up with higher financing costs and also lower net gains in fair value of its assets.
Despite the drop in earnings, OUE plans to maintain its interim dividend at one cent per share.
Specifically, OUE's revenue from its real estate segment was up 46% to $205 million.
Next, its revenue from healthcare was up 79.1% y-o-y to $79.8 million, as it enjoyed full period contribution from its separately listed subsidiary First REIT.
Last but not least, OUE's revenue from hospitality increased almost two-fold to $95.8 million.
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OUE warns that despite improving operational performance, global and domestic economic recovery continues to be held back due to high inflation and tightening monetary policies.
"Nevertheless, OUE remains in a strong position to deliver stable performance from its strategically located commercial properties, hospitality assets, diversified tenant base, and its complementary healthcare segment," the company adds.
OUE notes that it has fully completed enhancement works at its rebranded Hilton Singapore Orchard, with all 1080 rooms in operation and as such, poised to capture tourism recovery.
OUE shares closed at $1.06 on Aug 7, unchanged for the day but down 15.2% year to date.
