SINGAPORE (July 25): HC Surgical Specialists reported FY19 earnings of $7.21 million, up 61.4% from a year ago on higher revenue and other income but offset by higher expenses.

Full-year revenue increased 14.3% to $18.3 million mainly due to higher revenue contributions from new subsidiaries acquired during the current financial year, which included JLES which commenced operations in August 2018 and Medical Services @ Tampines (MST) where an additional 50% equity interest was acquired in Sept 2018, as well as higher revenue from existing subsidiaries.

This was partially offset by an increase in employee benefits expense of 14.4% to $6.5 million due to an increase in headcount from existing as well as new subsidiaries acquired during the current financial year, and higher accrual of bonus for the group’s existing employees.

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