PRESS RELEASE
HELPING HONG KONG STAY HEALTHY
Quality HealthCare Asia Limited
Announcement of Final Results for 1999
HONG KONG, 5 April 2000 -- Quality HealthCare Asia Limited (Quality Healthcare - SEHK 593), Hong Kong's leading private healthcare provider, today announced its final results for the year to 31st December 1999.
Results
Major Achievements in 1999
Initiatives for 2000
Turnover HK$461 Million
Profit Before Tax HK$ 40 Million
1999 1998
HK$000s HK$000s
Turnover 461,197 +39% 331,326
Profit Before Tax 40,020 +66% 24,112
Net Attributable Profit 36,867 +66% 22,159
Earning/Share: BASIC 5.6 +43% 3.9
HK$ cents DILUTED 4.9 +32% 3.7
1999 BUSINESS HIGHLIGHTS
During 1999, the Quality HealthCare group expanded on many fronts,
As the leading healthcare company, Quality HealthCare clearly sees that awareness of health issues is growing rapidly.
We were
Facts at a Glance
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Today, Quality HealthCare is serving Hong Kong and its people better, with more healthcare professionals, through a wider network of locations and an expanding range of service streams.
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A Listing for ehealthcareasia.com
Quality HealthCare's significant investment in people, premises, hardware and software for its ehealthcareasia.com business has enabled us to bring the ehealthcareasia.com service to the screen rapidly. However, as revenues have not yet started to flow, this has resulted in a loss for Quality HealthCare for 1999.
In March 2000, Quality HealthCare announced that, subject to shareholder and regulatory approvals, it had taken control of HKSE listed company Kin Wing Chinney Holdings Limited and would inject the Technologies & Services division, including ehealthcareasia.com and Ultronics Enterprise, into the Kin Wing company, and change its name to ehealthcareasia Limited. Further details, including an independent valuation, will be available shortly.
The Medical Council
With an increasing number of healthcare information services appearing on the Internet, Quality HealthCare shares the concern expressed in the medical field that a visit to a healthcare website should not be used as a substitute for a visit to a healthcare professional.
We encourage Hong Kong's Medical Council to create guidelines for the supply of medical information through this medium. Both Quality HealthCare and ehealthcareasia.com support the view that, while the provision of general healthcare information and news is beneficial, supplying specific 'consultation' advice is not to be recommended. Where anything other than general advice is required, patients should visit their general practitioner.
Quality HealthCare and ehealthcareasia.com would welcome the opportunity to work with Hong Kong's Medical Council to develop appropriate guidelines for the protection and benefit of all those who visit healthcare websites.
OPERATIONAL REVIEW
Patient Care & Patient Cure
Our mainstream core services continue to serve a substantial proportion of the Hong Kong market.
Our Medical Services division includes the Western Medicine businesses of three medical practices
As reported, the first six months of 1999 were difficult, with some clients reducing workforces and seeking discounts on previous year contract charges. However, later months saw this pressure for discounts soften, although not to the point where increases in rates were yet possible. Every effort has been made to contain costs, whilst preserving standards and investment for the future.
As the Group continued to invest in the Integrated Quality HealthCare Management Systems ( "iQHMS" ), the need of the healthcare industry at large in Asia for such systems became more apparent. As a result, the Group recognised the need for the creation of an organisation to take on the sizeable infrastructure, research and development work to produce systems which would more comprehensively serve our transaction technology needs - and those of the market. This led to the creation of ehealthcareasia.com and our Medical Services division's decision to become its first company client.
ehealthcareasia.com will offer Medical Services greatly expanded capability, within a shorter period of time and at a better value level.
Medical Network
The Medical Services network has now reached the end of its acquisition phase by achieving its target size. Further expansion by acquisition is possible, but unlikely. However, the network will grow by affiliation, permitting expanded geographic coverage without major financial investment. Future energies will focus on improvements in customer service and marketing.
Chinese Medicine
The first phase of Quality HealthCare's entry into the Chinese Medicine market was the collaboration with Hong Kong Baptist University in the operation of a Chinese Medicine clinic in Tsim Sha Tsui, which opened in June. Its success led to Phase 2, the formation of an Affiliate Network, bringing the Group a present total of 18 centres. Phase 3 will involve direct or joint-venture investment in Chinese Medicine Clinics.
Physiotherapy
The number of physiotherapy locations grew to eight, recently supplemented with an innovative new centre - our Work Injury Clinic. To fit the requirements of legislation which requires proper assessment of workers who carry out certain manual tasks, Quality HealthCare has installed internationally-acclaimed benchmarking equipment and systems to help employers with this assessment, additionally providing injury evaluation and supporting analysis for compensation-related disputes.
Dentistry
Dental care was a new service for Quality HealthCare clients at the end of 1998. By year end 1999, the operation had five centres, now expanded further to 31, through the recently-announced creation of an affiliate network. Investments in premises, equipment and, of course, people, have been substantial.
Nursing
Our nursing placement agency continues to provide professional relief carers to both Hospital Authority and private hospitals and is still growing its HomeCare services, bringing many levels of care personnel to patients in their own homes.
Elderly Services
The fastest-growing division has been Elderly Services, whose first home opened in December 1998. Since January 1999, the number of operating beds grew from 305 to its present 1,296, with the opening this month of our top-of-the-range Man Kee Home in Waterloo Road. We have contracted to purchase a further 284 beds.
Our care home acquisition/organic growth plans call for a network of 4,000 beds during the year 2001. We remain on course to achieve that target.
Government's Social Welfare Department has recognised the Elderly Services team's constant aim of increasing standards by offering to buy over 180 beds, through its Bought Places Scheme, for those who cannot afford to pay for private care themselves.
SENIOR MANAGEMENT APPOINTMENTS
Finance Director Appointed
To further strengthen the Board of Directors and the management team, Wong Tai Chun, Mark, was appointed as Finance Director of Quality HealthCare on 5 April 2000. He has acted as Chief Financial Officer since 1998 and played a vital role in the Group's rapid development.
He holds a Master degree in Business Administration, is a Certified Public Accountant, a fellow of the HK Society of Accountants, the Association of Chartered Certified Accountants and the Institute of Chartered Secretaries and Administrators.
The Group has appointed Law Chak Chuen, Alexander, as Chief Financial Officer, to assist Mark Wong.
Recruiting CEO
With the rapid growth of Quality HealthCare during the last two years and its focused drive towards seizing the opportunities and value of its future, the Board of Directors has approved Chairman Brian O'Connor's proposal to recruit a Chief Executive Officer.
Once the appointee is in place, Mr O'Connor will be more able to concentrate upon his strategic role as Chairman of both Quality HealthCare and ehealthcareasia Limited.
The decision recognises the considerable management input required for a group of Quality HealthCare's size. The new CEO will manage the day-to-day operation of the organisation and head up the management team.
Head of Government Liaison Group Appointed
Government is demonstrating a very open mind to the whole subject of co-operation between public and private sectors, and Quality HealthCare has responded by establishing a senior management unit at Head Office. The Company's 'Government Outsourcing and Liaison Unit' is being headed by SM Pang. His successor as CEO of the Group's Medical Services Division will be announced shortly.
For further information, please contact
Brian O'Connor - Chairman
Quality HealthCare
Tel: 2598 9133
Fax: 2824 0308
E-Mail: BDOC@qha.com.hk
Nick Footitt - Director
Ludgate Asia
Tel: 2543 5413
Mob: 9318 3905
Fax: 2545 8890
E-Mail: nfootitt@ludgate.com.hk
Quality HealthCare Asia Limited
Quality HealthCare (SEHK 593) presently cares for more than 400,000 Hong Kong people, at over 300 Western and Chinese medicine, dental, physiotherapy, nursing, elderly care and equipment centres. Its 800+ team of healthcare professionals represent the largest private sector healthcare team in the SAR.
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