ISEC Healthcare's net profit up 47%

CATALIST-listed medical eye-care services provider ISEC Healthcare posted a net profit of S$2.58 million for the third quarter ended Sept 30, up 47 per cent from a year ago, on the back of the absence of an impairment loss and the addition of government grants and rental rebates from Covid-19 support measures.

Revenue ticked up 3 per cent to S$11.17 million, as its Malaysian eye centre Indah Specialist, acquired on Feb 27, 2020, contributed to the group's revenue.

No dividend was declared, as was the case in the previous year.

In its outlook, management said that the group's financial performance for FY2020 is "likely to be lower" than for FY2019.

This comes as Kuala Lumpur, Selangor and Putrajaya have been placed under Conditional Movement Control Order (CMCO) since Oct 14, on the back of a rise in reported Covid-19 cases in several districts in the Klang Valley, Malaysia.

The group's main revenue contributor is its Malaysia operations.

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ISEC KL, one of the group's main revenue contributors, remains open for business, but its operations may be affected by the CMCO measures, said the group. The team of ophthalmologists at this outlet have thus accepted a 15 per cent reduction in their salaries this month. The group said that it will continue monitoring the situation and its impact on the clinic's operations.

In Singapore, the group intends to set up an eye service centre to provide eye checks and related services within JL Medical (Yew Tee), a general practitioner's clinic in Choa Chu Kang. The group will commence refurbishment works and apply for a medical clinic licence for such services later this year.

ISEC Healthcare's shares closed flat at 31.5 Singapore cents on Wednesday, before the announcement.