Healthway Medical Corp expects smaller loss for FY2018

HEALTHWAY Medical Corp on Monday said it expects to record a loss for the 2018 financial year.

This is due mainly to reduced operating hours in clinics that are undergoing refurbishment works which led to lower revenue, as well as the write-off of property, plant and equipment as a result of refurbishment works for some of the group's clinics and certain provisions made.

However, the group's losses for 2018 were lower as compared to 2017, it said.

Healthway has been refurbishing its network of clinics progressively. To date, 27 clinics have been refurbished and the company expects to complete the last phase of the refurbishment works over the first two quarters of 2019.

The group's unaudited financial results for the 2018 financial year will be announced on or before March 1.