Attn: Business / Financial Editor
Press Release
September 24, 1999
Quality HealthCare Reports Interim Results
Hong Kong's only listed healthcare group Quality HealthCare reported a 1999 first-half profit before tax of HK$ 14.9 million.
When compared with both the HK$ 19.1 million in the first half of 1998, followed by the HK$ 12 million in the second half of 1998, the recovery trend is clear. The recession, which affected the second half results in 1998, naturally continued to have a negative effect in the first six months of 1999.
Turnover in the Medical Services Division showed a similar recovery trend, with an increase over the second half of 1998. Quality HealthCare Services, the dental, physiotherapy and nursing division, also followed this pattern, with its rapid expansion just beginning to come through. Elderly Services produced its first ever revenues, whilst the medical equipment distribution division's turnover fell, due to a lack of orders from the public sector.
Executive Chairman Brian O'Connor commented: "Our 1999 first half performance shows that we have 'weathered the storm' well, while at the same time negotiating and closing acquisitions, continuing to streamline and integrate the individual operations, develop new products and new services."
"During the period, we also started to introduce a uniform, consistent new Group image with 'Blue Q' branding".
Mr O'Connor said Quality HealthCare had completed the creation of the foundation for its future and progressed towards its key objective of building a formidable 'integrated healthcare services group' in Hong Kong.
He said that the Group's first eighteen months in its present form had been challenging and exciting. The Group had grown substantially, its progress during 1999 having been particularly dramatic :
December August
1998 1999
-------- --------
- Medical Centres 105 200
- Physicians 183 300
- Corporate Medical Services Contracts 880 1,150
- Lives Receiving Medical Services 200,000 300,000
- Elderly Care Beds 305 988
- Physiotherapy Centres 4 8
- Dental Centres 1 4
He also drew attention to the fact that the Medical Services division alone had served over 1.4 million consultations in the past twelve months.
"Our expansion achievements have given the Group the necessary critical mass on which to profitably grow in our targeted sectors into the new Millennium," he added.
The future promises continuing excitement and challenges for Quality HealthCare. Government is rethinking the ways that Hong Kong finances healthcare and this will provide substantial opportunities for an integrated healthcare services group such as Quality HealthCare, both in the delivery of medical services and in the areas of elderly care and homecare services.
" Plans are well advanced for our marketing and internet strategies, to take Quality HealthCare into the new millennium." added Mr O'Connor, "Our teams, services and position equip us well to benefit from the eventual upturn in the economy and the opportunities which inevitably will flow.
"The second half will see contributions from both the AMPG and Discovery Bay acquisitions, a substantial increase in revenues from the Elderly Care Division and increased revenues from our Services Division.
"Our promised review of our Chinese Medicine project is underway. An announcement of our expansion plans will be made not later than November.
"The executive board can now leave the divisional teams to manage the businesses and turn their concentration from acquisitions to developing the Group's business strategies for the future," he concluded.
Quality HealthCare Asia integrates a broad spectrum of healthcare services from medical coverage, facilities and services for the elderly, nursing and homecare services to medical equipment supply. The Group is a pioneer in providing comprehensive, professional and cost-effective healthcare services in Hong Kong.
end
Issued on behalf of the Quality HealthCare by Chelgate Asia Public Relations.
For further information please contact:
Frank Wingate / Ada Chan, Chelgate Asia Ltd Tel. 2575 2701
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