OUE Limited dives into the red with $96.1m loss in H1

It attributed the loss to Gemdale, an OUE investee company.

OUE Limited dived in the red in H1, reporting a loss attributable to shareholders of $96.1m.

In a bourse filing, the healthcare provider attributed the loss to a share of losses from Gemdale Properties and Investment Corporation Limited, an investee company 25.2% owned by OUE Limited. 

According to OUE, Gemdale's principal activities in the People’s Republic of China (PRC) were adversely impacted by the prevailing slowdown of the property market and the current economic environment in the country.

In addition to losses from Gemdale, OUE Limited cited higher finance and tax expenses, along with a lower net change in the fair value of investments designated at fair value through profit or loss, as factors that affected its bottom line.