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Isec's profit fall may portend earnings weakness across healthcare sector

Singapore

ISEC Healthcare on Tuesday posted a 37 per cent drop in net profit to S$1.39 million for its first quarter ended March 31, down from S$2.22 million in the previous corresponding period.

The Catalist-listed medical eyecare services provider attributed the decline to nationwide movement restrictions implemented by the Malaysia and Singapore governments to curb the spread of Covid-19.

Its performance could be a harbinger of weakness for the locally listed healthcare players, including Raffles Medical Group, IHH Healthcare and TalkMed Group.

Isec, which derives its revenue mostly from Malaysia, reported a 7 per cent fall in Q1 revenue to S$9.27 million, from S$9.94 million a year ago. Its cost...

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