Quality HealthCare Asia Limited reports
HK$ 16.1 million After Tax Interim Profit on HK$ 171 million Turnover

Hong Kong's only listed healthcare group - Quality HealthCare Asia Limited - reports the first results since developing its new shape.

Readers are cautioned in making comparisons with 1997 results, given the significant changes since then and given that this is the first set of figures which incorporate the results of the acquisitions approved by shareholders in January of this year.

• Medical Services provided by Drs Anderson & Partners and Dr Henry Lee & Associates performed satisfactorily. Revenues and profits were up to expectations.

• Physiotherapy Services business has been rejuvenated, contributing to profits while expanding.

• Nursing and HomeCare Services returned to profitability.

• Distribution and Service of Medical Equipment, which incurred heavy losses in the past, has returned to profit.

• Elderly Care Services incurred initial development costs and will open its first Elderly Care Home before year end.

  The Group has been structured into core business lines :

  
  

Quality HealthCare Medical Services Limited

• QHMS provides the administrative, accounting, customer service, pharmacy and laboratory support for the provision of medical services by the Group.

• A Medical Standards and Compliance Committee, comprised wholly of senior physicians under the chairmanship of Dr Henry Lee, has been established and is responsible for all aspects of clinical care. The Committee's remit also extends to wider issues, such as medical ethics and, patient confidentiality.

• Streamlining the business has brought management, administration, accounting and customer service functions together in a new Sheung Wan office. New, centralised laboratory and pharmaceutical dispensary centres have been established to reduce overheads and increase service standards.

• The doctor network has been expanded to 144 doctors, including 34 specialists and surgeons.

• Programmes are underway to expand and refurbish the medical centres.

• The Group currently provides healthcare services for over 200,000 employees and their dependants, through more than 800 contracts with Hong Kong companies, in addition to a significant number of individual patients.

Quality HealthCare Elderly Services Limited

• QHES will be opening its first "Care For The Elderly" home in Kowloon West during October. Our philosophy in creating a blueprint for the development and management of our elderly care homes is centred on upholding the resident's dignity and freedom of choice.

• Plans are also under development, in conjunction with our elderly homes, to enter the area of Day Care for the Elderly.

• We have created an experienced management team for QHES including my fellow executive director, Philip Kirkwood, as Chairman of QHES and Simon Li Pak Ho MBE JP as Chief Executive. The team also includes Director of Nursing Mylene Wong, Home Manager Emily Chan and the first recruits for our Enrolled Nurses staff.

Quality HealthCare Services Limited

• This operation includes the activities of our nursing agency, IPNS HealthCare Limited, which provides relief nurses to the Hospital Authority and private hospitals, together with homecare and other support services where nursing or healthcare personnel are required.

• We have formed Quality HealthCare Physiotherapy Services Limited, to operate the three physiotherapy centres which we acquired as part of the Drs Anderson & Partners transaction at the beginning of the period. We are executing plans to take us to the position of being Hong Kong's prime physiotherapy operator in the future.

• We are evaluating our entry into other healthcare business streams, in areas which will complement our existing range of services.

Ultronics Enterprise Limited

• Ultronics has re-positioned itself, with its focus now firmly upon Hong Kong and Macau. The business has been greatly streamlined since executing the decision to leave the China market. The team has since concentrated on sales, service and maintenance with emphasis on expanding its product and service range, while fostering new relationships to broaden the client base.

PROSPECTS

We have invested in people, training and facilities to achieve our objective of providing Quality medical service to the people and businesses of Hong Kong.

The opening of our first home for the elderly will give us the opportunity to demonstrate what we mean by "Quality Care".

The combination of our nursing, homecare and our growing physiotherapy services under common management has the potential to increase profits substantially in these areas going forward.

We are pleased that our medical equipment business has proved profitable in the first six months and, subject to market conditions, looks set to continue its transformation.

While no business in Hong Kong can be immune from the recession, we are finding that the "need" for healthcare remains.

From the outset, in selecting the Group name, we have placed "Quality" in service delivery as our number one priority. It will be through the provision of the highest standards of healthcare delivery to the community that the future success of the Group will be assured.

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