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OUE Lippo Healthcare still in the red with Q1 net loss of S$2.7m

OUE Lippo Healthcare Limited is still in the red; posting a net loss of S$2.7 million for the first quarter. However, this bettered the net loss of S$11.2 million in the year-ago period.

Its loss per share narrowed to 0.141 Singapore cent, from a loss per share of 0.673 Singapore cent in the previous year.

For the three months ended March 31, revenue sank 6.1 per cent from S$10.5 million in fiscal 2017 to S$9.8 million.

In its filing with the Singapore Exchange on Wednesday evening, OUE Lippo said that the decrease in revenue was due mainly to lower revenue recorded by the Wuxi New District Phoenix Hospital and the China drug distribution business.

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The company added that revenue from rental of its Japan nursing facilities was stable in Japanese yen terms but was lower when translated to Singapore dollars due to a lower average exchange rate in Q1 2018 as compared with Q1 2017.

Net asset value per share jumped to 5.38 Singapore cents as at March 31, from 2.29 Singapore cents in three months ago.

OUE Lippo shares ended unchanged at S$0.128 on Wednesday before the announcement.