HC Surgical Specialists' earnings more than double to $0.9 mil in 3Q

HC Surgical Specialists' earnings more than double to $0.9 mil in 3Q

Stanislaus Jude Chan
10/04/18, 05:51 pm

SINGAPORE (Apr 10): HC Surgical Specialists posted earnings of $0.90 million for the 3Q ended February, over two-and-a-half times more than earnings of $0.35 million a year ago.

Revenue surged by 75.4% to $3.9 million in 3Q18, from $2.2 million a year ago.

The increase was mainly due to the full three months revenue contributions from new subsidiaries acquired and new subsidiaries which commenced operations during the current financial year, as well as higher revenue from existing subsidiaries.

Employee benefits expense increased by approximately 63.0% to $1.6 million in 3Q18. This was mainly attributable to increased headcount from new subsidiaries acquired or incorporated, as well as higher accrual of bonus and increased headcount.

Other expenses increased by 40.6% to $0.8 million, mainly due to increased rental and operating expenses incurred by new subsidiaries, legal and professional fees and audit fees.

Share of profits of an associate was $0.2 million in 3Q18, due to contributions from newly-acquired Medinex.

As at end February, cash and cash equivalents stood at $3.8 million.

The group says its business is unlikely to be affected by rising concerns in the healthcare industry due to recent media articles on rising insurance claims and monitoring of charging practices by doctors.

It adds that it will continue to look for opportunities and suitable partners in its expansion plans.

Shares of HC Surgical closed half a cent lower at 66.5 cents on Tuesday.

DBS undergoes target price cuts after a record FY18, but remains a 'buy'

SINGAPORE (Feb 19): Jefferies Singapore, OCBC Investment Research and RHB Research are maintaining their “buy” calls on DBS Group while lowering their price targets to $28.50, $29.31 and $28.80, respectively. This comes after the release of its 4Q18 results, which saw earnings grow 8% y-o-y to $1.32 billion to bring the bank’s earnings for the full year to a record high of $5.63 billion. In a Tuesday report, Jefferies analyst Krishna Guha says he has lowered his FY19-20 earnings per share (EPS) estimates on the back of reduced loan and non-interest growth, although valuations remai....

Winners and losers from Singapore's budget as election looms

SINGAPORE (Feb 19): Singapore Finance Minister Heng Swee Keat boosted health-care and military spending, gave tax rebates to citizens and tightened rules on foreign workers ahead of an election that could come as early as this year. Heng announced a new $8 billion support package for seniors in his budget speech on Monday, as well as measures to help local businesses adopt new technologies. The expansionary fiscal plan will push the overall budget deficit to 0.7% of gross domestic product in the year ending March 2020, from a revised surplus of 0.4% this year. The finance minister opened....

Sasseur REIT FY18 DPU exceeds IPO forecast by 12.6%

SINGAPORE (Feb 18): The manager of Sasseur REIT announced a 4Q18 DPU of 1.999 cents, 28.1% higher than forecast. This also brings 2H18 DPU to 3.541 cents and FY18 DPU to a total of 5.128 cents. Sasseur REIT offers investors the unique opportunity to invest in the fast-growing retail outlet mall sector in China through its initial portfolio of four quality retail outlet mall assets. 4Q18 distributable income came in at $23.6 million, 28.1% higher than forecast while EMA rental income came in 1.6% higher than forecast at $31.2 million. Based on the Feb 18 closing unit price of $0.71,....