SINGAPORE (Nov 10): Healthcare services provider Thomson Medical Group (TMG), formerly known as property group Rowsley, saw its earnings fall 48% to $1.1 million for the 3Q18 ended September, from $2.2 million a year ago.
The group’s profit from continuing healthcare operations fell 45% to $5.1 million in 3Q18, largely due to higher operating expenses owing to business expansion and cost inflation of goods, services and wages.
Meanwhile, net loss from its discontinued real estate business narrowed by 45% to $3.9 million on the back of the disposal of Ariva and a fair value gain from re-measurement of the purchase consideration payable.
Revenue from TMG’s continuing healthcare operations climbed 6.6% to $54.0 million, from $50.6 million a year ago. This was attributable mainly to higher overall patient load, higher average bill sizes and higher revenue intensity.
As at end September, cash and cash equivalents stood at $136.2 million.
“The group’s healthcare business continues to perform well with operations in Singapore and Malaysia both registering year-on-year increases in revenue and total patient loads despite the competitive landscape,” says TMG chairman Ng Ser Miang.
Looking ahead, the group says revenue growth will be bolstered by upcoming expansion works and new strategic partnerships in areas like Assisted Reproduction Technologies.
“The group will leverage on and deepen its core specialties and comparative advantages in women and children’s health and expand into complementary services by developing strategic partnerships with world class and industry-leading institutions like IVI-RMA in expanding into the region and developing education, training and research capabilities and capacity,” says Ng.
Shares in Thomson Medical closed flat at 7.9 cents on Friday.
