Elite Diagnostic Q2 Profits Hit By Expenses For New Liguanea Branch And IPO Costs
The Directors of Elite Diagnostic Limited have released the company’s unaudited financial statements for the second quarter and six-month year to date ending December 2017.
The results for the second quarter show net profits of JA$1.2M a significant reduction on the JA$8.5M reported for 2017.
Year to date profits for the six months was also down substantially at JA$11.9M compared to the JA$14M for the same period a year ago.
In commenting on the results the Managing Director Robert Chung pointed to significant additional expenses associated with the opening of their Liguanea branch and costs associated with the initial public offering amounting to JA$12.3M.
On the revenue side the company posted JA$72M for the second quarter, compared to JA$57M and for the six months, revenues of JA$142M compared to JA$114M, an increase of twenty-four percent.
The improvement in revenues the Directors said was due primarily to the increased demanded for Magnetic Resonance Imaging (MRI) and Computerized Axial Tomography (CT) scans at their New Kingston location.
The Directors of Elite Diagnostic expect growth in revenues from the Liguanea branch, which was JA$2.4m since it opened in November 2017, to start showing signs in May.BM