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Accrelist H1 loss widens to S$2.1m; to conduct strategic review

CATALIST-LISTED corporate accretion services provider Accrelist has sunk deeper into the red, with a half-year net loss of S$2.1 million, from a loss of S$629,000 in the year-ago period, dragged down by higher costs and losses from its subsidiary, Jubilee Industries Holdings.  

For the six months ended Sept 30, loss per share deepened to 0.74 Singapore cent from 0.01 cent last year, Accrelist said on Thursday night. 

Revenue fell 8 per cent to S$81.6 million, from S$88.4 million a year earlier. This was mainly due to a 12 per cent fall in earnings from its electronics and mechanical business unit, which was partially offset by new contributions from its AM aesthetics segment, acquired last October. 

No dividend was declared for the half-year period. 

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In a separate statement on Thursday, Accrelist noted that it intends to conduct a "strategic review" to evaluate the group's positioning into a "pure medical aesthetics player in the region".

Terence Tea, executive chairman and managing director of Accrelist, said: "We are encouraged by the continued growth of our medical aesthetics business, and are confident that the medical aesthetics segment has significant future growth potential. Therefore, we plan to conduct a strategic review to consider the evolution of the group into the first SGX-listed pure medical aesthetics player."

According to Accrelist, the group's medical aesthetics segment has gained "significant momentum" since it first acquired the Refresh Laser Clinic network in October 2018, after which clinics in the network were renamed under the newly established AM Aesthetics brand. The group has plans for a second clinic in Kuala Lumpur, as well as new clinics in Ipoh, Johor Bahru and Vietnam. 

The proposed acquisition of The Wellness Clinic at Wheelock Place for S$17 million is set to boost AM Aesthetics' efforts to target the affluent clientele, the company said. 

Accrelist also noted that it is widening its revenue stream by including clinical skin care products through its subsidiary, A Skin Products. 

Its shares closed at nine Singapore cents on Thursday, up 4.7 per cent, or 0.4 cent.