KUALA LUMPUR: Despite the entry of Singapore billionaire investor Peter Lim Eng Hock in 2010, TMC Life Sciences Bhd has continued to bleed losses.
For the second quarter ended Nov 30, TMC Life posted net losses of RM3.04 million on the back of RM14.46 million in revenue. For the six-month period, TMC Life suffered RM5.37 million in net losses on a revenue of RM27.68 million. According to its Bursa Malaysia filings, TMC Life attributed the losses to depreciation, finance cost and expenses incurred for its rights issue exercise.
Despite the losses, TMC Life said it is cautiously optimistic for its prospects for FY12 ending May 31.
“The main hospital continues to attract more patients and specialist doctors and is conducting more activities to promote the hospital’s advanced facilities and services,” it said. TMC Life added that it is expecting to receive more patients with the signing of several memoranda of understanding with various organisations and other marketing activities to promote medical tourism.
TMC Life said there are no comparative figures for the quarter under review due to changes in the financial year end from Dec 31 to May 31. TMC Life has been posting losses since the quarter ended March 31, 2009.
The company also announced the appointment of Dr Wong Chiang Yin as group CEO in addition to his role as executive director. Wong replaces Lim Poon Thoo who resigned as CEO to take up engagements in other organisations.
Last December, TMC Life issued 200.59 million new rights shares together with 401.17 million new detachable warrants on the basis of one rights share with two free warrants for every three existing TMC Life shares held.
TMC Life fell 30.8% from a high of 45.5 sen in the last three months to close at 31.5 sen yesterday.
This article appeared in The Edge Financial Daily, January 17, 2012.
For the second quarter ended Nov 30, TMC Life posted net losses of RM3.04 million on the back of RM14.46 million in revenue. For the six-month period, TMC Life suffered RM5.37 million in net losses on a revenue of RM27.68 million. According to its Bursa Malaysia filings, TMC Life attributed the losses to depreciation, finance cost and expenses incurred for its rights issue exercise.
Despite the losses, TMC Life said it is cautiously optimistic for its prospects for FY12 ending May 31.
“The main hospital continues to attract more patients and specialist doctors and is conducting more activities to promote the hospital’s advanced facilities and services,” it said. TMC Life added that it is expecting to receive more patients with the signing of several memoranda of understanding with various organisations and other marketing activities to promote medical tourism.
TMC Life said there are no comparative figures for the quarter under review due to changes in the financial year end from Dec 31 to May 31. TMC Life has been posting losses since the quarter ended March 31, 2009.
The company also announced the appointment of Dr Wong Chiang Yin as group CEO in addition to his role as executive director. Wong replaces Lim Poon Thoo who resigned as CEO to take up engagements in other organisations.
Last December, TMC Life issued 200.59 million new rights shares together with 401.17 million new detachable warrants on the basis of one rights share with two free warrants for every three existing TMC Life shares held.
TMC Life fell 30.8% from a high of 45.5 sen in the last three months to close at 31.5 sen yesterday.
This article appeared in The Edge Financial Daily, January 17, 2012.
