OUE Lippo Healthcare reverses losses in 2021
The company's yearly earnings came in at $111m, compared to a loss of $98.7m in 2020.
Pan-Asian group OUE Lippo Healthcare has revealed its financial statements for 2021.
The group recorded a net profit of $111m for the year ended 31 December 2021. The net profit included a one-off gain of $110m from the completion of the shareholder loan conversion. Excluding the one-off gain, the group made a net profit of $976,000.
The revenue came from the setting up of strategic divisions, offering products and services and are managed separately because they require different technology and marketing strategies. These are healthcare operations, healthcare assets, development of medical facilities, healthcare-related assets and integrated mixed-use projects. It includes the 12 nursing homes in Japan, as well as revenue from the pharmaceutical distribution business and the Wuxi Lippo Xi Nan hospital in China.
However, OUE Lippo Healthcare will be divesting its 12 nursing homes to First REIT, which will increase the group's interest to 36.4%. The financial performance of First REIT will be consolidated into the group's results post-completion of the transaction.