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Isec Healthcare reports 17% drop in Q3 net profit, to S$1.83 million
ISEC Healthcare's earnings took a hit in the third quarter, despite an uptick in revenue, as higher expenses and a share of losses from an associate ate into the topline.
Net profit was S$1.83 million for the three months to Sept 30, down by 17 per cent on the year before, according to unaudited financial results released on Monday night.
Revenue inched up by 2 per cent, to S$9.91 million, as the group saw more patient visits in Malaysia. But administrative and other expenses swelled, with Isec citing higher staff costs as a key factor.
Earnings per share fell to 0.34 Singapore cent, from 0.42 Singapore cent previously.
The group said in its outlook statement that Malaysia operations contributed a significant portion of its revenue, with medical tourism on the rise as the ringgit softens. Still, currency movements could affect turnover from across the Causeway when translated into Singdollar terms, Isec warned.
It added that it has jointly incorporated a business to run ophthalmology centres in Myanmar, and continues to look for opportunities in China, Indonesia, Myanmar and Vietnam, while focusing on the core markets of Singapore and Malaysia.
Net profit for the nine months grew by 7 per cent to S$6.24 million, with revenue up by 9 per cent, to S$30 million.
No dividend was recommended for the period, unchanged from the previous year.
Isec ended flat at S$0.29 on Monday, before the results were announced.