Livingstone Health Holdings has reported earnings of $2.05 million for the 1HFY2022 ended September, 56% higher than earnings of $1.3 million in the same period before.

Earnings per share (EPS) stood at 0.65 cent on a diluted basis, up from 0.42 cent in the 1HFY2021.

This is the first set of half-year results reported since the company listed on SGX’s Catalist board following a reverse takeover (RTO) completed on Feb 5.

Revenue for the half-year period surged 97% y-o-y to $16.0 million due to improved contributions from the company’s existing business segments.

The growth across all segments was attributable to the addition of doctors including specialists in the anaesthesiology and pain management segment, new medical practices and allied healthcare services. The company, in addition to establishing a family practice in Novena under its Phoenix Medical Group, now has 16 medical doctors practising at 14 medical clinics.

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Maiden contributions from new initiatives, as well as the sale and the administration of Sinovac vaccines also helped lift the company’s half-year revenue.

Other income increased by 1% y-o-y to $602,000, while share of loss from joint ventures fell 21% y-o-y to $69,000.

For the 1HFY2022, net profit after tax increased by 62% y-o-y to $2.14 million.

Looking ahead, Livingstone Health Holdings expects its performance in the FY2022 to improve compared to that of FY2021, due to the procurement of the vaccine, distribution and administration via Phoenix Medical Group.

The company’s performance in the FY2022 will also include growth strategies and the absence of the financial effects of the RTO and RTO-related professional costs.

“Despite the Covid-19 pandemic, we have achieved several significant milestones such as the opening of Ardennes Healthcare, Atlas Podiatry, PMG Novena and appointment by MOH to lead procurement of Sinovac vaccines in Singapore,” says Dr Wilson Tay, CEO of Livingstone Health.

“This achievement highlights our execution ability on key growth strategies. We will continue to focus on implementing strategies to strengthen our ecosystem, which will translate into added value for our shareholders,” he adds.

Shares in Livingstone closed 0.1 cent lower or 0.65% down at 15.3 cents on Nov 1.

Photo: Albert Chua/The Edge Singapore