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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.