OUE Lippo Healthcare issues H2 2020 profit warning

CATALIST-LISTED OUE Lippo Healthcare expects to post a "significant loss" in its half-year and full-year results, the board warned on Friday.

The group, which is scheduled to release its unaudited results by Feb 23, 2021, pointed to the impact of the Covid-19 pandemic on the period ended Dec 31, 2020.

OUE Lippo Healthcare expects provisions and impairments on the carrying value of its investments, including First Reit, which is planning a rights issue to avoid a debt default.

"Given the current pandemic situation and the fact that the group operates businesses and owns assets and has investments across several countries, there have been material repercussions on the financial performance of the group," the board said.

The group thus forecast a net loss for H2 2020 and FY2020 based on its preliminary assessment of its unaudited consolidated financial results.

The counter closed on Friday at S$0.035, up by 0.1 Singapore cent or 2.94 per cent, before the profit guidance was published.

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