Photo: The Edge Singapore

Catalist-listed Livingstone Health has posted a net loss of $16.7 million in the 15 months (or FY2021) ended March. The group, after completing its reverse takeover (RTO) on Feb 5, changed its financial year end to March, from the FY2019 ended Dec 31, 2019 previously.

Loss per share for the FY2021 stood at 5.28 cents on a fully diluted basis for the group’s continuing operations.

For more stories about where the money flows, click here for our Capital section

Excluding RTO-related exceptional items, which stood at $18.9, Livingstone would have recorded net profit after tax of $3.5 million, 745% higher than net profit after tax of $420,000 in the FY2019.

Want our latest Singapore corporate news stories for FREE

Follow our Telegram, Facebook for the latest updates round the clock

Earnings per share (EPS) would have stood at 1.15 cents for the FY2021, excluding the exceptional items.

Net asset value (NAV) per share would have stood at 6.91 cents as at March 31.

Livingstone Health Holdings, which was formerly known as Citicode, was incorporated in Singapore on April 8, 2004. It is a Singapore-based multidisciplinary specialist healthcare group specialising in the fields of aesthetics and wellness, anesthesiology and pain management, family medicine, internal medicine and orthopaedic surgery.

SEE:Livingstone Health subsidiary launches one-stop health screening centre at Paya Lebar Square

Revenue for the FY2021 stood 294.2% higher y-o-y at $24.3 million mainly due to higher contributions from the group’s 51%-owned primarily healthcare arm, Phoenix Medical Group, which was acquired in December 2019. It was also boosted by higher revenue from the anesthesiology and pain management; revenue contributed by the newly-added orthopaedic surgery segment; as well as revenues contributed by the new family medicine and new internal medicine segments.

Other income rose to $1.0 million mainly due to government grants and other reliefs, as well as rental income.

Profit before exceptional items rose 740% y-o-y to $4.1 million.

Looking ahead, Livingstone Health expects to record a better performance in the FY2022 in the absence of non-recurring RTO-related items and professional costs.

The group says it expects the Singapore healthcare sector to “remain robust” due to trends like an ageing population, rising affluence and an increasing awareness of health issues.

“Having successfully listed on the SGX, we are pleased with our first set of financial results which underscore the growth potential of and synergy among our medical business segments. Notwithstanding the challenges related to Covid-19, we are embarking on a clear growth strategy as a multidisciplinary healthcare services provider for the Asian region,” says Dr Wilson Tay, CEO of Livingstone Health.

Shares in Livingstone closed flat at 19.3 cents on May 28.