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HC Surgical's half-year earnings slide 73.6%

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HC Surgical Specialists posted a 73.6 per cent decline in net profit to S$1.3 million for the six months ended May 31, 2020, from S$5 million a year ago. Read more at The Business Times.

The drop in full-year revenue was primarily due to the disposal of investments in two subsidiaries - HMC Medical in July 2019 and CTK Tan Surgery in September 2019 - as well as the"circuit-breaker" measures.

There was an almost S$2 million fair-value loss on financial assets at fair value through profit or loss, primarily due to a drop in the share price of Catalist-listed Medinex, in which HC Surgical holds a direct stake of 22.92 per cent and a deemed interest of 9.5 per cent. A final dividend of 0.7 Singapore cent per ordinary share was recommended for FY2020, down from FY2019's final dividend of 1.2 cents per share.

The payout date and books closure date will be announced later if the proposed final dividend is approved at the upcoming annual general meeting on Sept 29.

Shares of HC Surgical tumbled 3.5 Singapore cents or 10.5 per cent to close at 30 cents on Tuesday, before the results were released.For daily updates on weekdays and specially selected content for the weekend. Subscribe to

 

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