Full Year Financial Statement for the period ended 31 March 2011
Half Year Financial Statement And Dividend Announcement 2011
Financials Archive
Note: Files are in Adobe (PDF) format.
Please download the free Adobe Acrobat Reader to view these documents.
Consolidated Income Statement
Balance Sheet
Review of Performance
Revenue
The Group's revenue increased by approximately S$1.9 Million (or approximately 14%) to approximately S$15.25 Million for the financial period as compared to same period last year.
The growth in revenue was mainly attributed to organic growth in sales volume generated from all our existing 9 Medicare Centres and Nursing Homes in Singapore and Malaysia.
Apart from our Medicare Centres and Nursing Homes' business, revenue generated from other ancillary services such as Econ TCM as well as West Point Hospital ("WPH") also contributed to the increase.
Expenses
Expenses for supplies and consumables increased by approximately $0.4 Million (or approximately 23%) to approximately $2.3 Million due mainly to higher business activities registered by the Medicare Centres and Nursing Homes in Singapore and Malaysia as well as WPH.
Staff costs increased by approximately $0.9 Million (or approximately 14%) during the period under review as compared to same period last year to support higher volume of business as well as continual upgrading of overall management capabilities to position and drive the Group's expansion both locally and internationally.
Depreciation of property, plant and equipment increased by approximately $0.2 Million (or approximately 25%) to approximately $1.0 Million due mainly to the commencement of the usage of new temporary medical and administrative office facilities at WPH in April 2011. These temporary facilities are to enable WPH to continue to provide medical services during its redevelopment period.
Other operating expense increased by approximately $0.3 Million (or approximately 19%) to approximately $1.8 Million, in line with increase in business activities to support local and overseas growth.
Profit after tax
Profit after taxation attributable to Shareholders was approximately $1.3 Million in this financial period, close to the amount in the last financial period. This was after accounting for the fair value loss on investments designated as held for trading of approximately $0.2 Million as compared to gain of approximately $0.03 million in the corresponding period.
Balance Sheet
There is no material or significant changes in the Group's Non-Current Assets as compared to 31 March 2011. The Group's Trade Receivables have increased slightly by approximately $0.1 Million which was mainly due to increase in revenue during the period.
Other investment decreased by approximately $0.2 Million as a result of fair value loss on investment designated as held for trading due to decline in the prices of these stocks.
The Group's Cash and Cash Equivalents decreased by approximately $1.7 million to S$7.2 Million as compared to 31 March 2011. The decrease was mainly due to repayment of interest-bearing borrowings to the financial institutions.
As a result, the Group has reduced its total interest-bearing borrowings by approximately $2.5 million as compared to its position as of 31 March 2011.
Cash Flow Statement
Net Cash Flow from operating activities
The Group generated positive cash flow from operating activities of approximately S$2.1 million. Operating cash flow before working capital changes was approximately S$2.6 million after taking into account interest expense of approximately S$0.3 million, fair value adjustment for investment held for trading of approximately S$0.2 million, share of profit of associate S$0.3 million and adjusting for depreciation of approximately S$1.0 million.
The Group registered net cash flow from working capital of approximately S$0.3 million as a result of increase in trade and other receivables of approximately S$0.3 million.
Net Cash Flow from investing activities
The Group recorded cash flows used in investing activities of approximately S$1.0 million. This was due largely to purchase of property, plant and equipment of approximately S$1.0 million.
Net Cash Flow from financing activities
The Group recorded cash flows used in financing activities of approximately S$1.8 million. This was mainly due to repayment of bank loans and finance lease liabilities of approximately S$1.4 million and S$0.1 million respectively and interest paid of approximately S$0.3 million.
Commentary On Current Year Prospects
Operation - Medicare Centre and Nursing Homes & West Point Hospital
WPH is continually focusing on growing the pool of clients and residents in the western vicinity. Efforts are being made to increase clients while also better serving existing clients to encourage increase utilisation of the hospital's services to meet their healthcare needs. As such, more specialist medical services will be introduced to meet the increasing needs of our customers. In addition, the proposed expansion of WPH is targeted to begin in 2012 and this will be executed in phases to minimise disruption to the existing hospital operations.
Our new purpose built 199 bedded Medicare Centre located in Taman Perling, Johor Bahru is targeted to start operations in year 2012.
The Group will continue to focus and build on our track record of providing quality and cost-effective healthcare services as we strive to serve more customers and grow the Company by bringing greater value to the community and our shareholders.