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Healthway Q1 net profit more than doubles to S$3.5m on disposal gains

HEALTH care provider Healthway Medical Corp said that first-quarter net profit more than doubled as gains from selling financial assets helped to boost the bottom line.

Net profit jumped to S$3.5 million, or 0.15 Singapore cents per share, in the three months ended March 2015 from S$1.4 million a year ago. That was despite a modest 7.6 per cent increase in revenue to S$23.7 million over the same period.

But Healthway recorded a 57 per cent increase in other operating income to S$3.1 million, of which S$0.7 million was from gains on the sale of financial assets. Interest income also increased by S$0.2 million as a result of higher loan receivables balances and higher wage credit and special employment credit received during the quarter.

Healthway said that it is preparing to add joint clinics to the group, and it expects government programmes such as the Community Health Assist Scheme and Pioneer Generation Package to continue to raise patient load.

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Shares of Healthway closed at 5.2 Singapore cents on Tuesday, before the results were announced.