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Hot stock: Cordlife down 9.5%
SHARES in Cordlife Group fell 9.5 per cent to S$0.86 apiece as at 10.23am on Tuesday, making it one of the top 20 losers on the Singapore bourse in the early morning trade.
This came after the private cord-blood banker announced that it is in talks on corporate development opportunities in response to a Singapore Exchange (SGX) query on unusual price movements in its shares.
The counter had earlier risen 28 per cent, or S$0.21 to close at S$0.95 apiece on Monday, prompting the SGX query.
For the three months ended March 31, the group registered a net profit of S$843,000, reversing a net loss of S$401,000 in the year-ago period. This translated to an earnings per share of 0.33 Singapore cent, from a loss per share of 0.15 Singapore cent last year.
This profit came on a revenue of S$17.71 million, up by 24.5 per cent on the previous year, and marked the healthcare group's fourth straight quarter in the black.
In particular, contributions from Hong Kong cord-blood bank Healthbaby Biotech, which Cordlife recently acquired in January, made up S$1.8 million - or about half - of the increase in turnover.
Still, the Singapore and India markets were the main revenue drivers, according to the group, which also has operations in Indonesia, Malaysia and the Philippines.
No dividends were declared for the current financial period, unchanged from the preceding year.
The group has market capitalisation of about S$240 million.