Healthway Medical in the red for Q1
CLINIC operator Healthway Medical Corporation posted a net loss of S$504,000 for its first quarter ended March 31, against a net profit of S$580,000 one year ago, due mainly to a rise in finance costs.
Finance costs were higher by S$0.5 million mainly due to short term borrowings secured during the period for working capital purposes.
Revenue fell 6.2 per cent to S$23.2 million, mainly due to the decrease in revenue of S$1.1 million from the primary healthcare segment, as well as S$0.4 million in specialist & wellness healthcare segment.
Loss per share was 0.02 Singapore cent, compared to earnings per share of 0.03 Singapore cent a year ago. No dividend was declared for the period.
In an update, Healthway Medical Corporation said that an independent review requested by the Singapore Exchange to look into the extension of loans by the group to Healthway Medical Enterprises (HME) and Wei Yi Shi Ye, a China-incorporated medical centre owner - with the objective of establishing whether there are any breaches - has yet to be completed.
In its outlook, the company added that the operating environment continues to be challenging.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
UBS weighs synthetic risk transfer amid capital boost proposals
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
S-Reits falter as investors weigh possibility of zero rate cuts in 2024
CapitaLand Investment posts total revenue of S$650 million for Q1
Europe: Stoxx 600 logs best day in three months as banks shine
US: Stocks rally after strong tech results