HC Surgical Specialists (HCSS) 1B1 has reported earnings at $3.5 million for its 1HFY2024 ended Nov 30, a 68.3% increase from its $2.1 million earnings in the same period last year, after booking fair value gains on its investments in other listed companies.
For the same period, earnings per share rose 65.9% to 2.29 cents from 1.38 cents in 1HFY2023, while revenue fell 4.9% y-o-y to $9.6 million from $10.1 million.
Gross profit in 1HFY2024 also decreased by 8.50% y-o-y, mainly due to an increase in the cost of inventories, consumables and surgery expenses.
Despite the revenue drop, the company’s fair value gains on financial assets of $0.8 million in 1HFY2024 compared to its fair value losses of $0.9 million in 1HFY2023 contributed to its earnings increase.
HCSS holds a direct interest in Medinex OTX , Singapore Paincare Holdings FRQ and Aoxin, shareholdings of 22.66%, 2.44% and 0.34%, respectively.
As at Nov 30, the company’s cash and cash equivalents stood at $6.5 million.
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An interim dividend of 0.7 cents per ordinary share has been recommended for 1HFY2024, payable on March 13.
Shares in HCSS closed unchanged at 30 cents on Jan 11.
