Asian Healthcare Specialists reports fiscal 2H net profit more than tripled on consultancy terminations

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Asian Healthcare Specialists reported on Thursday that its fiscal second-half net profit more than tripled to S$1.03 million from S$287,000 in the year-ago period on the termination of consultancy deals with several doctors.

Purchased and contracted services expenses dropped 96.9 percent on-year in the fiscal second half to S$107,000 from S$3.449 million in the year-ago half on the terminations, the company, which specializes in orthopaedic medicine, said. That was partly offset by a 444.2 percent on-year jump in staff costs to S$1.96 million.

The company terminated consultancy services agreements and started employment agreements with Dr. Chin Pak Lin, Dr. Yue Wai Mun, Dr. Su Hsien Ching David and Dr. Tan Chyn Hong, it said.

Revenue for the six months ended 30 September fell 3.4 percent on-year to S$5.22 million, the Catalist-listed company said in a filing to SGX before the market open on Thursday. The decrease was due to fewer patient visits compared with the year-ago period, it said.

For the full fiscal year, net profit climbed 459.8 percent on-year to S$2.45 million, while revenue fell 1.4 percent on-year to S$10.86 million, Asian Healthcare Specialists said.

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