OUEH’s profit attributable to the company down nearly 80% in H1
Its revenue, however, increased 85% year-on-year (YoY) to $78.7m.
Pan-Asian healthcare group, OUE Healthcare (OUEH) posted a 79% drop in profit attributable to the company to $1.806m in the first half of 2023 from $8.4m in the same period last year.
OUEH’s revenue increased 85% YoY to $78.7m in H1 2023 because of the consolidation of First REIT and the Medical Partners, as well as higher revenue recorded by Wuxi Lippo Xi Nan Hospital and the China pharmaceutical distribution business.
Its gross profit increased by 53% to $60.5m with a gross margin of 76.9%. The results from its operating activities grew 6% YoY to $39.6m. It was offset by higher finance costs due to interest rates.
The hospital group’s recorded profit after tax was $18.6m in H1 2023 and its strong balance sheet documented net assets of $771.4m as of 30 June 2023.
OUEH expects more innovations in the healthcare market that will translate into new business opportunities amidst the implementation of HealthierSG.