Thomson Medical Group (TMG) has reported profit of $9.7 million for the 1HFY2021 ended December, reversing from losses of $963,000 in the year before.

1HFY2021 revenue fell 1.3% y-o-y to $116.6 million due to the lower number of overall patient loads in Singapore and Malaysia due to the circuit breaker measures and movement control order (MCO) in both countries respectively.

Revenue from Specialised Services recorded a 2.7% y-o-y growth, though it was offset by a 3.6% y-o-y drop in Hospital Services.

The group’s adjusted EBITDA saw a 32.6% y-o-y increase to $31.8 million mainly due to grants received via the Singapore government’s support schemes and initiatives.

EBITDA was further boosted by additional income received from providing serology testing operations for foreign workers in dormitories and isolation facilities to support the Ministry of Health’s (MOH)’s effort to expand its Covid-19 testing capacity.

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The group’s profit was also due to lower interest rates and the absence of the real property gain tax rate in Malaysia.

Excluding Covid-19 related grants, the group recorded a net profit after tax (NPAT) of $4.5 million.

As at Dec 31, 2020, cash and cash equivalents stood at $117.8 million.

In its outlook statement, the group says there is uncertainty on the transition of normalcy due to the new waves of Covid-19 infections in Malaysia and across the globe.

SEE: Thomson Medical Group subsidiary partners healthtech startup to manage myopia in Asia

“Despite the adverse business conditions, the group continued to remain agile and focused on its long-term growth strategy. In the third quarter of FY2021, the group expects to launch its first dedicated specialised learning centre for children with developmental delay as part of the Thomson Kids subsidiary platform,” says the group.

Barring another wave of community cases, the group says it remains cautiously optimistic in its performance outlook in FY2021.

Shares in TMG closed 0.1 cent higher or 2.1% up at 4.9 cents on Feb 8.