SINGAPORE (May 9): ISEC Healthcare, the provider of a comprehensive suite of specialist medical eye care services, reported 1Q18 earnings of $2.15 million, an increase of 29% compared to $1.66 million in 1Q2017.
Revenue for 1Q18 was $9.63 million, an increase of 14% from 1Q17. This was mainly attributable to increased patient visits from the group’s specialised eye care services in Malaysia and Singapore.
Cost of sales increased by 10% to $4.99 million in 1Q18 in tandem with increased revenue.
Gross profit increased by 18% to $4.64 million in 1Q18 with an increase in gross profit margin of 1.6 percentage points to 48.2% in 1Q18 from 46.6% in 1Q17, mainly due to the increase in revenue contribution and business activities of the group.
Administrative expenses increased by 15% to $1.92 million in 1Q18, mainly due to increased staff related-costs across the group and other operating expenses, which was driven by the increased business activities of the group.
ISEC Healthcare expects the healthcare industry in Singapore and the region to remain challenging and highly competitive but is optimism that demand will remain positive.
The group says it will continue to pursue suitable opportunities to enter China, Indonesia, Myanmar and Vietnam through strategic alliances, joint ventures or acquisitions.
At the same time, it is also keen to strengthen its existing presence in its core markets of Singapore and Malaysia.
Shares in ISEC Healthcare closed 0.5 cent higher at 30 cents on Wednesday.