Cordlife's posts Q2 net loss of S$2.3m

CORDLIFE Group on Monday posted a net loss of S$2.3 million for its second quarter ended Dec 31, 2016, compared to a gain of S$9.6 million a year ago.

Revenue went up 4.7 per cent to S$15.2 million in Q2 2017, mainly due to the inclusion of contribution from Stemlife, which became a subsidiary of the group in December 2015.

The group recorded fair value gain on its investment in the US-listed China Cord Blood Corp (CCBC) designated at fair value through profit or loss of S$2,455,000 in 2Q2016. The fair value changes are recognised directly in profit or loss. The group disposed of its financial asset designated at fair value through profit or loss on Oct 30, 2015. As a result, there is no such fair value changes in 2Q2017.

For 2Q2016, the group recorded fair value gain on derivative of approximately S$7.3 million. There is no such fair value changes on derivative in 2Q2017.

Loss per share was 0.88 cents, down from a gain of 3.71 cents year-on-year.

In an SGX filing, Cordlife said it remained cautiously optimistic about the market potential of its core business.

Barring any unforeseen circumstances and excluding non-core finance costs, note repurchase expenses and any other one-off items, the group expects its core business to remain profitable for FY2017.