February 13, 2024
Elite Diagnostic Limited (ELITE) for the six months ended December 31, 2023, reported a 2% increase in Income totaling $371.97 million compared to $363.51 million in the corresponding period last year. Income for the second quarter had a 1% decrease to close at $175.74 million compared to $177.55 million for the comparable quarter of 2022.
Direct Cost amounted to $103.98 million (2022: $108.49 million), this represents a decrease of 4% year over year. Consequently, gross profit increased by 5% to $267.99 million compared to $255.02 million for the six months ended December 31, 2022. The company booked gross profit of $129.95 million for the second quarter versus $120.26 million reported for the similar quarter of 2022.
Admin Expense increased by 13% to close at $179.72 million (2022: $159.54 million). ELITE noted, “an increase in our debt-servicing requirement and greater depreciation expenses, resulting from the acquisition of new machinery, were the main contributors to the significant increase in the administrative expenses.”
Depreciation & Amortization decreased negligibly from $76.58 million in 2022 to $76.33 million in the period under review. As a result, operating profit for the six months ended December 31, 2023, amounted to $11.94 million, a 37% decrease relative to $18.90 million reported in 2022.
Foreign exchange loss for the six months ended December 31, 2023, amounted to $1.24 million, relative to a loss of $4.17 million reported in 2022. Foreign exchange loss for the second quarter amounted to $944,061 (2022: Loss of $1.95 million). Finance Cost totalled $25.27 million, a 55% increase from the corresponding period last year. (2022: $16.30 million).
Loss Before Tax for the six months ended December 31, 2023, amounted to $14.52 million, a relative to a loss of $1.54 million reported in 2022. Loss Before Tax for the second quarter amounted to $9.04 million (2022: Loss of $7.35 million).
Net loss for the six months amounted to $14.52 million, compared to a loss of $1.54 million reported in 2022. For the second quarter, Net loss was $9.04 million (2022: Net loss of $7.35 million).
Consequently, Loss Per Share for the six months amounted to $0.04 (2022: LPS: $0.004), while Loss Per Share for the quarter totaled $0.03 (2022: LPS: $0.02). The twelve-month trailing EPS was $0.001, and the number of shares used in these calculations was 353,400,000.
Notably, ELITE’s stock price closed the trading period on February 13, 2024, at a price of $1.71.
Management noted, “Arrangements have been made for a complete overhaul and refurbishing of our four most problematic machines. This exercise should be completed by the end of the third quarter and thereafter we expect to have minimal downtime on these units.”
Balance Sheet Highlights
The company’s assets totalled $1.06 billion (2022: $1.05 billion). The increase resulted from The Company recording ‘Restricted deposit’ of $20.50 million (2022: nil).
Shareholder’s equity was $470.31 million (2022: $469.94 million), representing a book value per share of $1.33 (2022: $1.33).
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