Hong Kong March 6, 1998
For Immediate Release
ANNUAL RESULTS OF QUALITY HEALTHCARE ASIA
(formerly Ultronics International Holdings)
The former Ultronics International Holdings Limited today (March 6, 1998) announced an attributable loss of HK$36.162 million for the financial year ended December 31, 1997. This compares with a loss of HK$4.485 million in 1996.
Turnover was HK$59.965 million, compared with HK$132.512 million in the previous year.
The Group's results included an exceptional loss of HK$19.629 million due to the closure of representative offices in the PRC.
These results were incurred for the period before the Group announced in January 1998 that it was acquiring a number of healthcare services companies and would change its name to Quality HealthCare Asia in recognition of its refocused business strategy.
"Our objective is to bring international standards of affordable healthcare to the under-developed and fragmented medical sector in Hong Kong and to exploit other opportunities in the healthcare field," said Mr Brian O'Connor, Chairman of Quality HealthCare Asia.
"We have taken resolute action to stem the heavy losses from Ultronics by closing our medical distribution business in China and we have refocused the Group on management of healthcare services in Hong Kong.
"We will continue to operate a small medical equipment distribution business in Hong Kong, where it is profitable, and we will distribute a broader product range."
The Group is now organised into four divisions:
Quality HealthCare Asia is the first publicly listed healthcare group in Hong Kong. The Group has 71 general practitioners and 12 specialists within a network of 27 wholly-owned medical centres and 37 affiliated clinics. It operates Hong Kong's largest nursing and homecare agency and has established an elderly care division which intends to operate elderly homes. In addition, it supplies diagnostic and therapeutic medical equipment to hospitals and clinics in Hong Kong.
This news release is issued by Quality HealthCare Asia Limited through Forrest International Limited.
For further details please contact Forrest International.
Paul Marriage: 25017905; Johnny Sung: 25017938;
or call Forrest International's general line at 25226475.
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