OUE Lippo Healthcare has reported earnings of $32.5 million for FY2022, versus earnings of $110.9 million reported for the preceding financial year ended Dec 31 2021. The higher numbers for FY2021 were largely because of one-off gains.
Revenue for FY2022 reached $119.8 million, versus just $19.7 million in FY2021, as the company began to consolidate numbers from First REIT from last year March from its medical partners from last July respectively.
In addition, the company enjoyed higher revenue from Wuxi Lippo Xi Nan hospital and its drug distribution business in China, led by higher demand for pandemic-related medical supplies.
OUE Lippo Healthcare says that its two hospitals in China are on track to begin operations. The Changshu China Merchants – Lippo Obstetrics & Gynaecology Hospital will begin business later this year, followed by the Shenzhen China Merchants – Lippo Prince Bay Hospital in 2024.
Both hospitals will be operated by a joint venture with China Merchants Group.
In Singapore, the company is in a joint venture with OUE and three medical specialist groups consisting of 11 doctors. The partnership started last June.
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No dividend has been declared, as the company prefers to conserve its cash to fund operations.
OUE Lippo Healthcare closed Feb 27 at 2.5 cents, down 3.85%.
