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HEALTHCARE | Staff Reporter, Singapore

ISEC Healthcare profits up 12% to $1.95m

It was driven by higher revenue and cost of sales from Malaysian operations.

International Specialist Eye Centre Healthcare (ISEC Healthcare) profits inch up 12% from $1.7m to $2m in Q2.

According to ISEC Healthcare's financial statement, recorded revenue reached $9.3m, an increase of 12%. This was attributed to revenue of S$1.02 million generated from its JLM Companies in Bukit Batok, Sembawang, Woodlands, and Yew Tee acquired on 1 December 2016.

ISEC Healthcare said, "A significant portion of the Group’s revenue is contributed by our Malaysian operations. The movement in medical tourism in Malaysia is expected to be closely correlated to the weakening of the Malaysian Ringgit that would result in stronger purchasing power of foreign currencies, and vice versa. However, as the presentation currency of the Group is in Singapore Dollar, the revenue from Malaysia operations translated to Singapore Dollar will be impacted by foreign exchange movements."

Its cost of sales rose by 13% to S$4.88 million in together with the increase in revenue.

ISEC Healthcare cited the above factors to have contributed to the increase in profit.

The company expects the healthcare industry's general operating environment to remain demanding in the next 12 months from weaker economic climate in Singapore and in the region.

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