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Thomson Medical Group's Q1 net loss at S$6.5 million from property business
THOMSON Medical Group, formerly known as Rowsley, saw its net losses worsen to S$6.5 million, from a net loss of S$1.6 million for the first quarter of this year for its real estate business only.
Its revenue dropped 8.7 per cent to S$20.6 million from the preceding year period, due to its consultancy business "which has declined as a result of a slow down in private sector building developments", it said. Q1 2017 had also seen a large gain in fair value on consideration payable.
Loss per share deepened to 0.138 Singapore cent, from a loss per share of 0.033 Singapore cent in the year ago period.
The mainboard-listed firm has completed the acquisition of Thomson Medical and TMC Life Sciences Berhad from "remisier king" Peter Lim after shareholders approved of the move in late March this year. Financials for the healthcare business will be reported only in the next quarter ended June 30, Thomson Medical Group said.
Tan Wee Tuck, chief executive officer of the real estate business, said: "The Singapore property market has turned, and we are cautiously optimistic that this will translate into recovery for our consultancy business. Our orders momentum is picking up and we expect to do better in the year ahead."
The company has grouped its real estate business under a new brand RSP Holdings, and is exploring options for divestment.
Thomson Medical Group shares ended S$0.001, or 1.1 per cent, lower at S$0.089 on Monday.