Clearbridge Health posts smaller 3Q loss of $2.5 mil

Clearbridge Health posts smaller 3Q loss of $2.5 mil

Michelle Zhu
12/11/18, 10:03 pm

SINGAPORE (Nov 12): Clearbridge Health recorded a loss of $2.5 million for the 3Q ended Sept, 21.4% smaller than its net loss of $3.2 million a year ago on higher revenue derived from its newly-commenced businesses.

Revenue for the quarter was $2.05 million compared to just $0.1 million in 3Q17, upon recording contributions from Clearbridge’s medical clinics/centres in Singapore and Hong Kong, which commenced operations in July 2017.

The group’s topline growth in 3Q was also supported by contributions from Clearbridge Medical (Philippines); Medic Laser and Medic Surgical; and PT Tirta Medika Jaya – all of which were acquired in 2018.

In line with the increase in revenue, expenditure incurred for purchases over the quarter grew more than tenfold to $1 million compared to $0.8 million a year ago.

Employee benefits expenses grew to $1.5 million from $0.7 million previously. According to Clearbridge, this was due to a wider base of employees resulting from recent acquisitions in the current year, as well as well as more employees and management personnel hired to support the expansion of the group’s business.

Other operating expenses fell to $1.7 million from $2.7 million in the absence of one-off professional fees and other miscellaneous expenses incurred over 3Q17 in relation to the group’s IPO.

After adjusting for the effects of foreign exchange rate changes, cash and cash equivalents as at end-Sept stood at a lower $11.9 million compared to $15.1 million as at end-June.

“Even as we look to grow our regional presence, we remain disciplined and selective in evaluating potential acquisition targets and partners, and maintaining an optimum capital structure to grow our businesses in a sustainable and prudent manner to build shareholder value,” says Jeremy Yee, executive director and CEO of Clearbridge.

Shares in the group closed flat at 22 cents on Monday.

Singapore authorities block New Noble listing

SINGAPORE (Dec 10): The Monetary Authority of Singapore (MAS) and Singapore Exchange Regulation (SGX RegCo) have barred Noble Group from transferring its listing status to New Noble as part of its restructuring process. This comes after a “careful review” of the findings to-date from the ongoing investigations into the commodities trader and its Singapore-incorporated subsidiary Noble Resources International (NRI). According to a joint statement by MAS, the Commercial Affairs Department (CAD) and SGX RegCo, the decision to block the New Noble listing arose from doubts about New Noble’....

Balancing profit and motive

SINGAPORE (Dec 10): On Dec 5, the UK government published a trove of internal Facebook emails and other documents that suggested the social media platform sought to trade users’ data with advertisers, or wield it for strategic advantage with third-party applications. Facebook has been under increasing scrutiny amid privacy concerns, and the backlash to the news was to be expected. In its defence, Facebook said it was seeking a way to ensure the sustainability of its business. As a business, Facebook should indeed be looking for the best way to monetise or leverage its assets — users’ ....

Singtel's Dash expands payment capabilities to international frontiers with Visa & Apple Pay

SINGAPORE (Dec 10): Singtel’s all-in-one mobile payments app, Dash, has expanded its payment capabilities to include international mobile payments via Apple Pay. This means Apple device users may also use Dash as a payment method on Apple Pay, making it the first non-bank mobile wallet in Singapore on Apple’s secure and private payments system. Main image, photo courtesy of Singtel: Using Dash for Visa Contactless Payments Further, Dash customers are now able to use their Visa Virtual Account on the Dash app at online retailers worldwide and merchant points that accept Visa conta....
Active management can deliver attractive returns amid tightening liquidity, says Charles Schwab

SINGAPORE (Dec 4): In the last few years, passive fund management has become increasingly popular am