OUE Healthcare guides for 1HFY2024 net loss

OUE Healthcare expects to record a net loss in its 1HFY2024 ended June compared to the net profit it posted in 1HFY2023, the company says in a profit guidance.

This is mainly due to one-off loss arising from the disposal of the vacant land located in Kuala Lumpur, Malaysia, as announced by the company on May 15; startup costs and operating losses relating to its hospitals in China; foreign exchange impact arising from a strong Singapore dollar; and higher financing costs from loans taken to fund the acquisition of Healthway Medical’s shares in 2023.