SINGAPORE (July 20): HC Surgical Specialists reported FY17 earnings fell by more than half to $1.3 million from $2.8 million in FY16.

Revenue for FY17 rose 19.8% to $9.5 million mainly due to the revenue contributions from new subsidiaries during the financial year.

However, employee benefits expense more than doubled to $3.3 million due to higher headcount from new subsidiaries.

Other expenses also more than doubled to $3.3 million mainly due to one-off IPO expenses, loss arising from striking off of three subsidiaries and operating expenses for new subsidiaries incorporated and acquired during FY17.

The group has declared a final dividend of 0.7 cent for FY17.

In its outlook, HC Surgical says the slowing economy in Singapore and the region may  continue to have a dampening effect on the healthcare industry in general.

Shares in HC Surgical closed at 69 cents.