Healthway Q3 net jumps to $10.1m

HEALTHWAY Medical Corporation posted a third-quarter net profit to $10.1 million - up from $1.07 million a year ago - thanks to a gain from the listing of International Healthway Corporation (IHC) earlier this year.

The sharp improvement in the bottomline for Healthway - Singapore's largest network of private medical centres and clinics - came as its "other operating income" for the three months ended Sept 30, 2013, jumped to $24.2 million from $3 million a year earlier.

"The increase was mainly due to gain on disposal of available-for-sale financial assets reclassified from equity of $22.4 million," said Healthway. "This arises when a portion of the available-for-sale financial assets was distributed as dividend-in-specie resulting in the release of the accumulated fair value change of these assets from equity to profit or loss."