ISEC Healthcare posts 6% rise in Q1 profit to $2.2m

SINGAPORE - Catalist-listed ISEC Healthcare posted a 6 per cent rise in net profit to $2.2 million for the three months ended March 31, from $2.1 million a year ago.

This came on the back of increased business activities from the group's specialised health services in both Malaysia and Singapore, the medical eye care services provider said in a regulatory filing late on Thursday night.

Earnings per share was at 0.43 cent for the quarter, from 0.41 cent a year ago. No dividend has been declared, unchanged from a year ago.

Shares of the group closed flat at $0.305 on Friday as at 9.52am.

Revenue for the group grew 3 per cent to $9.9 million, from $9.6 million a year ago, with Malaysia contributing a "significant portion".As the group's presentation currency is in Singapore dollars, revenue from Malaysia operations will be impacted by foreign exchange movements, it added.

Other income meanwhile was up 45 per cent to $230,000 from $160,000 a year ago, mainly due to increased interest income of $40,000 from ISEC Healthcare's fixed deposits with financial institutions and an increased exchange gain recognised.

ISEC Healthcare said it continues to seek suitable opportunities in China, Indonesia, Myanmar and Vietnam while strengthening its existing presence in Singapore and Malaysia. This includes investment opportunities as and when they arise.

Myanmar operations are expected to start in the second quarter of this year, barring any unforeseen circumstances, it added. To support its expansion strategy, the group said it will also continue to widen and deepen its talent pool.