OUE sees 22% fall in Q3 net profit

OVERSEAS Union Enterprise (OUE) reported a 22 per cent fall in Q3 net profit to $7.8 million, from $10 million a year ago.

Revenue for the three months ended Sept 30, 2009 fell 8 per cent to $33.5 million, from $36.2 million in Q3 2008.

The decrease in group’s total revenue was largely due to lower revenue generated for the hospitality division resulting from severe global economic downturn and the ongoing refurbishment works at Meritus Mandarin Singapore, it said.

Source : Business Times – 10 Nov 2009