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.