Elite Diagnostic Reporting Improved First Quarter Revenues, But Net Profits Hit With Costs Associated With Housing And Maintaining Of 3rd MRI Unit
The Directors of Elite Diagnostic Limited are announcing for their first quarter ending September 30th, 2018 improved revenues JA$85.4M compared to $69.8M the previous year.
Net profit for the quarter was however down and amounted to JA$1.8M compared to $10.7M the previous year.
Commenting on the results Director Warren Chung reported that some of the expenses that weighed on profit included housing and maintaining of the 3rd MRI unit for the new location that has not yet been installed.
The increase in depreciation from JA$8.8M to JA$14M for the quarter also weighed on the bottom line, including some non-recurring expenses he said.
Revenues from the Liguanea location was up and amounted to JA$23.7M for the quarter compared to the previous quarter of $9.6M.
All modalities at the Liguanea location, including the 3T MRI, continue to grow and the company has not yet begun to approach its full utilization he reported.
Assets amounted to JA$588M compared to last year’s quarter of $366M, as Liabilities were down to $186.7 compared to $131.7M the previous year.
The demand for MRIs continues to be robust, and with the Liguanea location fully operational for a complete quarter, the company expects steady growth moving forward.
The opening of the company’s 3rd location in the Parish of St Ann is expected in mid 2019.BM