February 15, 2021
Elite Diagnostic Limited booked a marginal increase in revenue to total $236.07 million compared to $235.92 million for the same period in 2019. Revenue for the 2nd quarter rose by 7% to $126.36 million (2019: $117.92 million).
Direct costs for the period decreased 2%, closing at $86.31 million, down from $88 million reported the prior year, while for the second quarter there was a 9% decrease year over year to $43.97 million (2019: $48.17 million).
As such, gross profit for the six months amounted to $149.76 million, a mere growth of 1% when compared to $147.92 million recorded last year. Gross profit, for the second quarter ended December 31, 2020, increased 18% to $82.39 million from $69.75 million for the corresponding period in 2019.
Administrative expenses climbed by 17% for the period, to total $92.46 million (2019: $79.03 million). Depreciation and amortization also increased by 41% to total $50.55 million relative to the $35.85 million booked in 2019. This resulted in profit from operations of $6.75 million, an 80% decrease relative to $33.04 million booked in the same period a year ago.
Finance Cost for the six months totalled $10.32 million, a decline of 4% when compared to the $10.70 million recorded for the same period last year, while foreign loss amounted to $3.70 million relative to foreign loss of $1.22 million the prior year’s comparable period. Other income closed the period at $20,161 (2019: nil)
Loss before tax totalled $7.25 million compared to a profit of $21.13 million recorded last year. Following no income tax for the period, net loss for the period totalled $7.25 million relative to a profit of $21.13 million recorded the prior corresponding period. Whereas, net profit for the quarter amounted to $3.09 million, a 30% decrease compared to $4.43 million booked for the prior quarter of 2019.
Loss per share (EPS) for the period totalled $0.02 (2019: EPS $0.06). EPS for the fourth quarter amounted to $0.009 (2019: $0.013). The trailing twelve-month LPS amounted to $0.056. The number of shares used in our calculations amounted to 353,400,000 units. ELITE’s stock price closed the trading period on February 12, 2020, at $2.99.
ELITE stated, “Revenues at the St Ann location continue to increase month over month and the company remains optimistic for its future. Demand for medical imaging remains buoyant at the two Kingston locations, however, Intervention Procedures are a bit sluggish due to concerns of Covid-19. Our priority remains safeguarding against the negative effects of Covid-19 and equipment breakdowns.”
Balance Sheet at a glance:
As at December 31, 2020, total assets amounted to $687.12 million, down 1% from the $697.15 million reported as at the previous year. The decrease in total assets was as a result of the fall in ‘Property, Plant and Equipment’ to $574.77 million from $590.13 million in 2019. ‘Cash and cash equivalents’ also contributed to the decline closing at $55.41 million (2019: $63.92 million).
Shareholders’ Equity of $452.51 million was reported (2019: $472.33 million) which resulted in a book value per share of $1.28 (2019: $1.34).
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