May 16, 2024
Elite Diagnostic Limited (ELITE)
Unaudited financials for the nine months ended March 31, 2024:
Elite Diagnostic Limited (ELITE) for the nine months ended March 31, 2024, reported a 2% increase in Income totaling $577.10 million compared to $565.76 million in the corresponding period last year. Income for the third quarter had a 1% increase to close at $205.13 million compared to $202.21 million for the comparable quarter of 2023.
Direct Cost amounted to $159.52 million (2023: $175.19 million), this represents a decrease of 9% year over year. Consequently, gross profit increased by 7% to $417.58 million compared to $390.57 million for the nine months ended March 31, 2023. The company booked gross profit of $149.59 million for the third quarter versus $135.51 million reported for the similar quarter of 2023.
Administrative Expense increased by 17% to close at $278.01 million (2023: $237.47 million), while Depreciation decreased by 12% from $116.76 million in 2023 to $102.64 million in the period under review. As a result, operating profit for the nine months ended March 31, 2024, amounted to $36.93 million, a 2% increase relative to $36.34 million reported in 2023.
Foreign Loss for the nine months ended March 31, 2024, amounted to $2.13 million, a 49% decrease relative to $4.21 million reported in 2023. Foreign Loss for the third quarter amounted to $892,246 (2023: $39,475). Finance Cost totalled $36.76 million, a 33% increase from the corresponding period last year. (2023: $27.57 million).
Loss Before Tax for the nine months ended March 31, 2024, amounted to $1.89 million, a 58% decrease relative to $4.56 million reported in 2023. Profit Before Tax for the third quarter amounted to 12.63 million (2023: $6.09 million).
Net Loss for the nine months amounted to $1.89 million, a 142% decrease from the Net Profit of $4.56 million reported in 2023. For the third quarter, Net Profit was $12.63 million (2023: $6.09 million).
Consequently, Loss Per Share for the nine months amounted to $0.005 (2023: EPS: $0.01), while Earnings Per Share for the quarter totaled $0.04 (2023: EPS: $0.02). The twelve-month trailing EPS was $0.02, and the number of shares used in these calculations was 353,400,000.
Notably, ELITE’s stock price closed the trading period on May 15, 2024, at a price of $1.55 with a corresponding P/E ratio of 79.36x.
Balance Sheet Highlights
The company’s assets totalled $1.03 billion (2023: $1.05 billion). The decrease in total assets is attributable to a decline in the ‘Right of use of assets’ from $113.84 million in 2023 to $87.64 million in 2024.
Shareholder’s equity was $482.93 million (2023: $476.03 million), representing a book value per share of $1.37 (2023: $1.35).
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