OUE Limited reported a loss attributable to shareholders of S$114.6 million for the six months ended Jun 30 2026, reversing from a profit of S$35.6 million a year earlier, as a non-cash impairment on its China associate and wider equity-accounted losses outweighed stronger operating revenue.
Group revenue rose 5.3% year-on-year to S$308.3 million. The board declared an interim tax-exempt dividend of 1.0 Singapore cent a share; no interim dividend was declared in the prior-year period.
Real Estate revenue increased 5.5% YoY to S$205.1 million, supported by a 10.4% jump in the Hospitality division to S$109.5 million on higher room rates at Hilton Singapore Orchard and Crowne Plaza Changi Airport. Investment Properties and Fund Management contributed S$95.5 million, broadly unchanged from a year ago. Healthcare revenue was stable at S$75.4 million, with stronger specialist clinic and Wuxi hospital earnings offsetting weaker contributions from First REIT amid currency headwinds and asset divestments. The Others segment, which houses food-and-beverage operations, posted a 20.8% rise to S$27.8 million, helped by new outlet openings. Group adjusted EBIT slipped 11.7% to S$48.6 million as higher losses from equity-accounted investees diluted operating gains.
The headline loss stemmed mainly from a S$47.0 million impairment on OUE’s stake in Gemdale Properties and Investment, reflecting the prolonged downturn in China’s property market. Share of losses from equity-accounted investees widened to S$53.2 million from S$46.0 million, driven by additional losses from China hospital operations and GPI, though partially offset by contributions from the newly acquired 19.9% stake in Sydney’s Salesforce Tower and improved performance at OUE Allianz Bayfront LLP. Management said the impairment and equity losses are largely non-cash items and are not expected to affect operational funding.
OUE ended June with S$226.5 million in cash and S$430.3 million of undrawn committed facilities, which it said provide sufficient liquidity for debt servicing and working capital. During the half, the group deepened its “asset-right” strategy by partnering Tokyo Century to buy Crowne Plaza Changi Airport, advanced hotel developments at Changi Airport Terminal 2, and saw OUE REIT acquire a 19.9% stake in Sydney’s Salesforce Tower using proceeds from the Lippo Plaza Shanghai divestment. First REIT progressed with its Indonesian portfolio divestment to rebalance toward developed markets, while OUE Healthcare opened Prince Bay Hospital in Shenzhen. The group also completed a S$150 million seven-year green note issue at a 3.25% coupon, its lowest to date.