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International Healthway Corp sinks into net loss of $77 mil in FY16

Samantha Chiew
Samantha Chiew5/31/2017 11:55 AM GMT+08  • 2 min read
International Healthway Corp sinks into net loss of $77 mil in FY16
SINGAPORE (May 31): International Healthway Corp (IHC) sunk into the red in FY16, reporting a net loss of $76.8 million compared to earnings of $0.4 million in FY15.
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SINGAPORE (May 31): International Healthway Corp (IHC) sunk into the red in FY16, reporting a net loss of $76.8 million compared to earnings of $0.4 million in FY15.

Full-year revenue improved 9% to $49.1 million but IHC suffered other operating losses of $58 million mainly due to impairment loss on goodwill of $32.6 million from the accounts consolidation of Wuxi Hospital and fair value loss on investment properties in China of $18.8 million.

IHC says the higher FY16 revenue came from higher sales from their investment properties in two Australian cities – St Kilda and Geelong. The group’s operational nursing facilities in Japan also contributed a $1.8 million sales increase in rental revenue.

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