Company Briefs: Cortina Holdings

Cortina Holdings

Luxury timepiece retailer Cortina Holdings clocked higher fiscal fourth-quarter net profit of $7.83 million, more than double that in the previous corresponding period, largely due to higher revenue and better sales margins.

Revenue for the three months to March 31 was up 25.3 per cent at $132.92 million, boosted by expansion in the group's retail network in Malaysia and Thailand.

The group has declared a special cash dividend of 2.5 Singapore cents per ordinary share, and a final cash dividend of two Singapore cents per ordinary share, to be paid once approval has been sought at its July 26 AGM.

For the full year, net profit rose 89 per cent to $22.35 million on the back of a 19 per cent growth in revenue to $466.29 million.

Sales margin in the fourth quarter increased to 23.6 per cent from 22.8 per cent in the previous quarter. For the full year, sales margin rose to 23.2 per cent compared to 22.9 per cent in its previous financial year.

IHH Healthcare

Malaysian healthcare group IHH Healthcare saw its first-quarter profit shrink by 88 per cent to RM57.24 million (S$19.3 million) due to the absence of a one-off gain recorded a year ago from its RM313.4 million divestment of Apollo Hospitals.

Revenue for the three months to March 31 rose by 6 per cent to RM2.85 billion, on sustained organic growth from existing operations and contribution from its two new hospitals - Gleneagles Hong Kong Hospital and Acibadem Altunizade Hospital in Turkey, which opened last year.

Although the group's Ebitda was impacted by the start-up costs of the new Hong Kong and Turkey hospitals, the group is confident these new hospitals will "drive future growth", said IHH managing director and chief executive Tan See Leng.

The group's largest operating subsidiary, Parkway Pantai, booked a 4 per cent increase in revenue on sustained organic growth, continued ramp-up of its newer hospitals in Malaysia and contribution from Gleneagles Hong Kong Hospital.

Meanwhile, inpatient admissions at its Singapore hospitals grew 2.7 per cent to 19,352, driven mainly by local patients.

Average revenue per inpatient admission rose 5 per cent to RM29,328.

Correction note: In addition to Cortina's final dividend, it had also issued a special cash dividend of 2.5 Singapore cents per ordinary share. The paragraph describing its dividends has been updated to reflect this. 

A version of this article appeared in the print edition of The Straits Times on May 26, 2018, with the headline 'Company Briefs: Cortina Holdings'. Print Edition | Subscribe