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HC Surgical Specialists reports 20.3% lower earnings of $6.4 mil for FY2022

Felicia Tan
·2-min read

A final dividend of 1.20 cents per share has been recommended by the company.

HC Surgical Specialists has reported earnings of $6.4 million for the FY2022 ended May, 20.3% lower than the earnings of $8 million in the year before.

Earnings per share (EPS) for the full year fell by 19.7% y-o-y to 4.28 cents.

Revenue for the FY2022 fell by 17.3% y-o-y to $19.3 million due to the lower number of patients that opted to do elective medical treatment due to the lifting of the Covid-19 restrictions and easing of border restrictions. The lifting of the restrictions and easing of border restrictions paved the way for overseas travel instead.

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The revenue in the current year also fell due to the high base seen in the year before on the back of pent-up demand.

Other income increased by 22.8% y-o-y to $1.5 million due mainly to the higher dividend income from investment in financial assets at fair value through profit or loss (FVTPL)  of  $357,000. This was partially offset by lower interest income of  $22,000 and lower government grants of $68,000.

The fair value gain on the derecognition of financial assets at  FVTPL of approximately  $0.4 million related to the conversion of a convertible loan to shares in Nuffield.

In FY2022, the company saw a fair value gain on financial assets at FVTPL of $0.6 million. This was due to the increase in the share price of the company’s 22.92%-owned Medinex Limited; the increase in Singapore Paincare Holdings, in which the company owns a direct interest of 3.31%; and a fair value gain on Acumen Holdings  Pte. Ltd.; which was partially offset by a fair value loss on HSN Healthcare Pte. Ltd.

During the year, the company had incurred lease expenses of $57,000 in FY2022 compared to a negative $163,000 in the year before due to the rental reliefs received.

As at May 31, cash and cash equivalents stood at $6.9 million.

A final dividend of 1.20 cents per share has been recommended by the company, bringing its total dividends for the year to 2.60 cents.

Shares in HC Surgical Specialists closed 0.5 cent lower or 1.02% down at 48.5 cents on July 28.

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