Singapore Medical Group (SMG) posted 49.5% lower earnings of $3.5 million for 1H20 ended June, from the $6.8 million registered a year ago due to the “challenging market conditions”, and lower number of medical tourists, which account for some 15% to 20% of the group’s revenue.

Revenue for 1H20 fell 12.8% y-o-y to $38.95 million due to a lower number of patients arising from the deferment of non-essential medical services and temporary clinic closures during the circuit breaker period from April to June. The decrease in topline was also attributable to the decline in medical tourism in the region due to travel restrictions.

Gross profit fell 23.1% y-o-y to $15.9 million due to the decrease in revenue.

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