According to OUE, GPI’s business in China was “adversely impacted” by the slow-down in the country’s property sector. Its current economic environment was also another factor.
GPI also announced that it expects to record losses in the 1HFY2024.
As such, OUE is expecting to report a loss of $92 million to $106 million from its share of results from GPI, compared to a share of profit of $19 million in 1HFY2023.
In its July 19 statement, OUE says the loss attributable to share of results of equity-accounted investees is non-cash in nature and there is no material impact on its operational cashflows and corporate funding requirements.
See also: Keppel Pacific Oak US REIT’s 1QFY2025 distributable income falls by 19.3% y-o-y to US$9.6 mil
OUE will release its results for the 1HFY2024 on or before Aug 14.
Shares in OUE closed 1 cent lower or 0.84% down at $1.18 on July 19.
