CATALIST-LISTED HC Surgical Specialists’ 1B1 n : 1B1 0%et profit slipped 7.2 per cent to S$4.6 million from S$5 million the previous year, in part due to a decline in revenue as fewer patients pursued elective medical treatments amid the heightened Covid-19 situation across the half year ended Nov 30.

Revenue was down 5.2 per cent to S$10.4 million from S$11 million the year before, its unaudited results indicated on Tuesday (Jan 11).

The gastrointestinal medical services specialist clinic group posted a 60.8 per cent gain under other income to S$1.1 million, mainly due to S$86,000 in grants from the Jobs Support Scheme and Rental Support Scheme, higher dividend income from investment on financial assets at fair value through profit or loss of S$283,000; and higher interest income of S$46,000.

It also booked a fair-value gain of S$689,000 on financial assets at fair value through profit or loss. This was attributed to the increase in the share prices of Medinex and Singapore Paincare Holdings, both of which the group has a direct interest in, as well as a fair-value gain on Acumen Holdings.

Earnings per share in the period came to 3.12 Singapore cents, against 3.32 cents previously. Net asset value was 5.84 Singapore cents a share, compared with 6.60 cents as at May 31, 2021.

The board has recommended an interim dividend of 1.40 Singapore cents a share, down from 1.70 cents before, to be paid out on Jan 28.

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As the pandemic stabilises, HC Surgical Specialists expects business to pick up.

"The Covid-19 pandemic will not be entirely eradicated in the short term, but people will learn to live with Covid-19 and resume most of their daily activities in the next 12 months. The group will remain vigilant and continue to strengthen its core competencies to provide good service to all its patients," it said in a press statement.

Shares of HC Surgical Specialists ended Tuesday flat at S$0.55.