SINGAPORE (Feb 12): OUE Lippo Healthcare further sunk into the red in FY17 with a loss of $90.7 million, 18% down from its loss of $76.8 million the previous year on lower revenue and higher costs of sales.
Revenue for the full year declined 11.2% to $43.6 million, due mainly to lower rental contributions from investment properties in Australia. This was however partially offset by higher contributions from operating Wuxi New District Phoenix Hospital, while income from the group’s nursing facilities In Japan remained stable.
A higher operating loss of $62.7 million was reported in comparison to $58 million in FY16, mainly due to the absence of a one-off net gain on deconsolidating of subsidiaries recorded in the previous year, which was related to deconsolidation of assets & liabilities related to the group’s IHC subsidiaries.
