Updated on 22 May 2013
Concord Medical Q1 2013 results report gross profit of $11.5 million and net income of $3.2 million
Singapore: Concord Medical Services reported its unaudited consolidated financial results for the first quarter ended March 31, 2013. The firm recorded total net revenue of $32.8 million (RMB203.9 million) in the first quarter of 2013, a 91.1 percent increase from the first quarter of 2012.
Gross profit in the first quarter of 2013 was $11.5 million (RMB71.5 million), a 14.8 percent increase from the first quarter of 2012. Net income attributable to ordinary shareholders in the first quarter of 2013 was $3.2 million (RMB19.7 million), an 18.6 percent decrease from the first quarter of 2012. Furtermore, basic and diluted earnings per American depositary share during the first quarter of 2013 were $0.07 (RMB0.44).Adjusted non-GAAP EBITDA in the first quarter of 2013 was $14.3 million (RMB89.0 million), a 21.0 percent increase from the first quarter of 2012.
Dr Jianyu Yang, chairman and chief executive officer, Concord Medical, stated that, "I am pleased with the financial results of first quarter of 2013, especially the strong revenue growth, healthy gross profit and adjusted EBITDA when compared with the first quarter of 2012. During the quarter, we benefited from the continuously increasing demand from the general population for high-quality and affordable healthcare services. We saw a positive momentum in patient number growth in both our network and hospital businesses."
Dr Yang also added, "On May 15, 2013, we announced the signing of a $50 million loan package with International Finance Corporation (IFC). We will use the loan to expand our network of radiotherapy centers in China as well as to build the planned specialty hospitals in Beijing and Guangzhou. These hospitals represent crucial components of our growth strategy to create a nationwide network of oncology centers and specialty hospitals, providing high-quality radiotherapy services to all of our patients in China."
"We plan to start construction of our specialty cancer hospital in Guangzhou during the second half of 2013. Also, we have made progress towards obtaining the necessary administrative approvals related to the Beijing hospital project, in cooperation with Sino-Japanese Friendship Hospital. Once both hospitals are open, they will provide high-end radiotherapy services, based on international standard of quality assurance and planning," said Dr Yang.