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OUE Lippo Healthcare board warns of expected Q3 net loss
OUE Lippo Healthcare is expected to report a net loss for the third quarter, based on a preliminary assessment of its unaudited financial results, the board warned in a profit guidance on Wednesday.
The projected loss for the three months to Sept 30 is mainly due to operating costs, as well as the deconsolidation of Wuxi New District Phoenix Hospital, said the board.
The board previously disclosed in August that a court in Shanghai ordered shares in the hospital operator to be handed over to another company that had brought legal proceedings against it, although the hospital properties remain under the group's ownership. The deconsolidation is a result of this matter.
OUE Lippo Healthcare's unaudited financial results for the third quarter will be released by Nov 14, the board has now said. It added: "In the meantime, shareholders and potential investors are advised to exercise caution when dealing in the shares of the company."
OUE Lippo Healthcare closed flat at S$0.069 before the announcement.