SINGAPORE (May 10): New Silkroutes Group (NSG) has recorded earnings of US$0.08 million ($0.11 million) in 3Q18 compared to a loss of US$0.29 million in 3Q17.
Revenue for the quarter saw a 31% jump to US$164.4 million from US$125.4 million a year ago, mainly due to the increase in the oil trades, and contribution from the group’s newly acquired healthcare subsidiaries.
Purchases of finished goods also increased by 28% to US$160.3 million compared to US$124.9 million last year.
Changes in inventories of finished goods saw a significant increase to US$2.46 million from US$0.39 million in the previous year.
Personnel expenses also doubled during the period to US$1.61 million compared to US$0.82 million a year ago, mainly due to the personnel expenses of the newly acquired healthcare subsidiaries, Healthsciences International, and the dental companies.
Meanwhile, NSG has welcomed Luna Lee as the CEO of Healthsciences International.
Goh Jin Hian, CEO of NSG says, “We expect our healthcare division to contribute even more significantly to our profitability as we grow through a mix of strategic acquisitions and organic expansion, both locally and regionally. We also expect to secure our first hospital management contract shortly.”
Shares in NSG last traded at 30 cents on Wednesday.
