OUE profit down 92% to S$21.7m

To blame is the absence of fair value gains in the first quarter of 2012.

Overseas Union Enterprise Limited said that in the same period in 2011, the company recorded a substantial fair value gain of S$249.2 million on its investment properties.

The Group achieved a net profit of S$21.7 million in 1Q2012, which translates to earnings per share of S$0.02.

Total assets climbed up to S$5.8 billion, amounting to a net asset value per share of S$3.53.

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