SINGAPORE (July 20): HC Surgical Specialists reported FY17 earnings fell by more than half to $1.3 million from $2.8 million in FY16.
Revenue for FY17 rose 19.8% to $9.5 million mainly due to the revenue contributions from new subsidiaries during the financial year.
However, employee benefits expense more than doubled to $3.3 million due to higher headcount from new subsidiaries.
Other expenses also more than doubled to $3.3 million mainly due to one-off IPO expenses, loss arising from striking off of three subsidiaries and operating expenses for new subsidiaries incorporated and acquired during FY17.
The group has declared a final dividend of 0.7 cent for FY17.
In its outlook, HC Surgical says the slowing economy in Singapore and the region may continue to have a dampening effect on the healthcare industry in general.
Shares in HC Surgical closed at 69 cents.
