November 14, 2023
Elite Diagnostic Limited (ELITE) for the first quarter ended September 30, 2023 reported a 4% increase in income totalling $196.23 million compared to $187.95 million in the corresponding first quarter last year.
Direct Cost amounted to $58.19 million (2022: $53.19 million), this represents an increase of 9% year over year. Consequently, gross profit increased by 2% to $138.04 million compared to $134.75 million for the first quarter ended September 30, 2022.
Admin Expense increased by 10% to close at $87.98 million (2022: $79.76 million), while Depreciation & Amortization increased by 7% from $38.96 million in 2022 to $41.67 million for the first quarter. As a result, Operating Profit for the first quarter amounted to $8.39 million, a 48% decrease relative to $16.03 million reported in 2022.
Foreign Loss for the first quarter amounted to $291,010, a 87% decrease relative to a loss of $2.23 million reported in 2022. Finance Cost totalled $13.61 million a 70% increase from the corresponding period last year. (2022: $8.01 million).
Loss Before Tax for the first quarter ended September 30, 2023, amounted to $5.48 million, relative to profit before tax of $5.81 million reported in 2022.
There was no Income Tax for the first quarter. Net Loss for the first quarter amounted to $5.48 million, relative to profit before tax of $5.81 million reported in 2022.
Consequently, Loss Per Share for the first quarter amounted to $0.02 (2022: EPS of $0.02). The twelve month trailing EPS was $0.01 and the number of shares used in these calculations was 353,400,000. Notably, ELITE’s stock price closed the trading period on November 13, 2023 at a price of $1.70 with a corresponding P/E ratio of 292.61x.
Elite noted “ The Drax Hall MRI unit, which was out of service for several months during the latter part of the previous financial year was brought back into service half-way through the quarter in late August, at which time all our revenue-generating equipment was fully functional for the first time in many quarters.”
Balance Sheet Highlights
As at September 30, 2023, total assets amounted to $1.08 billion, compared to $1.02 billion for last year. This increase in total assets was mainly as a result of an increase in ‘Receivables’ from $75.52 million in 2022 to $110.79 million as at September 2023.
Shareholder’s equity was $479.34 million (2022: $484.36 million), representing a book value per share of $1.36 (2022: $1.37).
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