PROPERTY developer OUE Limited posted earnings of S$88.7 million for the first half ended June, nearly trebling from earnings of S$30.1 million a year ago.

The increase was partially due to higher marked-to-market, fair-value gains on investments designated at fair value through profit or loss.

“Other gains”, which included these fair-value gains, jumped to S$40.1 million in H1, from S$8.1 million in the year-ago period.

The higher earnings also come on the back of a 30.7 per cent increase in revenue to S$198.7 million in the first half, from S$152 million a year ago.

Revenue from OUE’s healthcare segment led the increase, nearly trebling to S$44.5 million – from S$14.7 million a year ago – mainly due to contribution from First Real Estate Investment Trust (First Reit), which was accounted for as a subsidiary from Mar 1.

Revenue from its consumer segment more than doubled to S$13.7 million, from $6.1 million a year ago, due to contributions from new dining concepts launched in 2021.

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On the real estate front, revenue grew to S$140.4 million in H1, from S$131.2 million a year ago. This was led by the contribution from its hospitality division, which nearly doubled to S$50.3 million, largely due to the opening of Hilton Singapore Orchard in February, following major renovation works in 2021.

Hospitality revenue also received a boost from higher contribution from Crowne Plaza Changi Airport, fuelled by an increase in corporate and leisure travellers with the reopening of Singapore’s borders in April.

However, revenue from the investment properties division under the real estate segment fell 14.6 per cent to S$89.9 million, largely due to the absence of contribution from the OUE Bayfront property.

This follows the divestment of a 50 per cent interest in the property – comprising OUE Bayfront, OUE Tower and OUE Link – by subsidiary OUE Commercial Reit in March 2021.

OUE has declared an interim dividend of S$0.01 per share – unchanged from a year ago – payable on Sep 29.

Shares of OUE closed flat at S$1.31 on Aug 10, before the results were announced.