ELITE reports 808% increase in first quarter net profit

November 13, 2019

Elite Diagnostics Limited (ELITE), for the three months ended September 30, 2019 reported that Revenue increased by 38% to total $118 million compared to $85.44 million for the same period in 2018. The company highlighted, “The increase in revenue for the 2nd quarter is due to MRI scans and increase in Intervention procedures.”

Cost of sales for the period showed an increase of 44%, moving from $27.57 million to $39.83 million. As such, gross profit amounted to $78.17 million, an increase of 35% when compared to $57.87 million recorded last year.

Administrative expenses saw a jump of 6%, to total $40.13 million (2018: $37.83 million) while other income amounted to $576 (2018: $45,406). In addition, Depreciation and Amortization amounted to $17.43 million relative to $13.98 million a year ago.

As such, profit from operations totalled $20.62 million, a 238% growth when compared to 2018’s $6.11 million. Foreign gain for the period totalled $1.03 million (2018: $9,872) while the company’s finance cost ended at $4.95 million (2018: $4.28 million).

Profit before tax totalled $16.69 million compared to $1.84 million recorded last year. No taxes were booked for the period.

Thus net profit for the period totalled $16.69 million, compared to $1.84 million the prior financial year. Elite mentioned, “The company opened their third location in late September 2019. This branch is located in Drax Hall, St Ann. Along with full imaging services, the facility also includes doctor offices. The company is very optimistic with the potential of this new facility with its premium location, close proximity to the St. Ann Bay Hospital and the need for a medical center in the area.”

Earnings per share for the period totalled $0.047 (2018: $0.005). The twelve-month trailing EPS is $0.19. The number of share used in our calculations amounted to 353,400,000 units. The stock last traded on November 13, 2019 at $5.51.

Balance Sheet at a glance:

As at September 30, 2019, total assets amounted to $680.54 million, up $92.47 million from the balance of $588.08 million for last year. This increase in total assets was as a result of the increase in Property, Plant and Equipment from $480.45 million to $572.77 million.

Shareholders’ Equity of $467.90 million was reported (2018: $401.33 million) which resulted in a book value per share of $1.32 (2018: $1.14).

 

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2019-11-15T02:45:11-05:00