Update: Stephen Riady appointed director of Healthway Medical Corp

HEALTHWAY Medical Corporation (HMC) on Wednesday announced two appointments after trading hours.

Dr Stephen Riady, executive chairman of OUE Limited and executive director of Lippo Limited, was appointed non-executive non-independent director.

HMC also named Dominic Er Kong Kiong as its interim chief executive officer (CEO).

He will be responsible for the group's overall management and operations, as well as its subsidiaries. Dr Er is currently the executive chairman of Quantum Health.

The role was previously filled by Veronica Chan, who resigned on July 31. She was the president of HMC, which is the equivalent of a CEO.

HMC went through a rough patch last year, when four of its directors quit suddenly in August, ahead of the company's second quarter results release, citing various reasons.

Now with the backing of Lippo China Resources, where Dr Riady is director, and Gateway, a wholly owned subsidiary of Gateway Fund, HMC is hoping to make a turnaround.

On Tuesday, the clinic operator 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. 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.