Date: September 27, 2018
Audited financials for the year ended June 30, 2018 showed Elite Diagnostic Limited (ELITE)booked a 13% increase in revenue to total $297.76 million compared to $263.10 million for the same period in 2017. Revenue for the fourth quarter fell by 7% to $77.85 million (2017: $83.81 million).
Direct costs for the period increased 22%, closing at $117.30 million, up from $96 million reported the prior year, while for the quarter there was a 45% increase closing at $46.45 million (2017: $32.01 million).
As such, gross profit for the twelve months amounted to $180.46 million, a growth of 8%, when compared to $167.10 million recorded last year. Gross profit for the final quarter declined 39% from $51.80 million to $31.39 million for the corresponding period in 2017.
Administrative expenses climbed by 40% for the period, to total $100.65 million (2017: $72.07 million). Depreciation and amortization also increased by 1% to total $28.33 million relative to the $28.02 million booked in 2017, while other income closed the year at $472,998, a 173% uptick when compared to last year’s $173,436. This resulted in profit from operations of $51.96 million, a 23% decrease relative to $67.18 million booked a year ago.
Finance cost for the twelve months totalled $16.05 million, a significant increase of 100% when compared to the $8.04 million recorded for the same period last year, while foreign loss amounted to $40,684 compared to a gain of $415,089 booked in 2017.
Profit before tax totalled $35.86 million compared to $59.56 million recorded last year, a 40% reduction year over year. ELITE reported an income tax credit for the year of $9.05 million compared to tax charges of $15.35 million recorded in 2017.
Consequently, Net Profit for the year totalled $44.91 million relative to $44.21 million recorded the prior financial year. Net profit for the quarter amounted to $26.28 million, a 134% increase compared to $11.24 million booked for the final quarter of 2017.
Earnings per share (EPS) for the year totaled $0.13 (2017: $0.13). EPS for the fourth quarter amounted to $0.07 (2017: $0.03). The number of shares used in our calculations amounted to 353,400,000 units. ELITE’s stock price closed the trading period on September 26, 2018, at $3.01.
Balance Sheet at a glance:
As at June 30, 2018, total assets amounted to $591.79 million, up $320.76 million from the balance of $271.03 million as at the previous year. The increase in total assets was as a result of the increase in property, plant and equipment from $187.90 million to $454.55 million.
Shareholders’ Equity of $399.49 million was reported (2017: $223.53 million) which resulted in a book value per share of $1.13 (2017: $0.63).
Disclaimer: Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.