OUE swings to $114.6m loss in H1 on GPI hit

It incurred a $47m impairment loss on its interest in GPI.

OUE Limited reported a loss attributable to shareholders of $114.6m in the first half (H1) of 2026, reversing a $35.6m profit a year earlier.

The group attributed the loss mainly to non-cash items, including a $47m impairment loss on its interest in Gemdale Properties and Investment Corporation Limited (GPI), as well as higher losses from equity-accounted investees.

Group revenue increased 5.3% to $308.3m in H1 2026, from $292.8m in H1 2025, driven by improved contributions across all business segments.

Revenue from its real estate segment increased 5.5% to $205.1m, led by growth in its hospitality division.

Hospitality revenue rose 10.4% to $109.5m, underpinned by higher revenue per available room at Hilton Singapore Orchard and Crowne Plaza Changi Airport, supported by stable corporate bookings, resilient travel demand, and a stronger MICE pipeline in the first quarter.

Revenue from the investment properties and fund management division remained stable at $95.5m, reflecting steady performance from the group’s commercial portfolio in Singapore.

The group’s healthcare segment also recorded stable revenue of $75.4m, due mainly to stronger performance from its respiratory and cardiothoracic specialist clinics in Singapore and hospital in Wuxi, China.

This was partially offset by lower contributions from First Real Estate Investment Trust, amidst a weaker Indonesian Rupiah and Japanese Yen against the Singapore Dollar, and the divestment of the subsidiary holding Imperial Aryaduta Hotel and Country Club in December 2025.

Its F&B division saw revenue jump 20.8% to $27.8m, mainly driven by contributions from a newly opened dining outlet and the full-period contribution from outlets opened last year.

Losses from equity-accounted investees increased to $53.2m from $46m a year earlier, mainly due to higher losses from the group’s hospitals in China and GPI.

The losses were partially offset by contributions from the newly acquired Salesforce Tower in Sydney, Australia, and higher contributions from OUE Allianz Bayfront LLP following lower finance costs.

Adjusted earnings before interest, tax and other losses declined 11.7% to $48.6m, mainly due to higher losses from equity-accounted investees.

As at 30 June, the group had $430.3m in unutilised committed facilities and $226.5m in cash and cash equivalents.

The board approved an interim tax-exempt dividend of $0.01 per share.

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