, Singapore

Econ Healthcare to book $3.4m loss in Crosstec exit

The loss will not have any material impact on the company.

Private nursing home operator Econ Healthcare said it expects an estimated loss on investment of approximately S$3.4m with the sale of all its shares in Hong Kong-listed Crosstec Group Holdings Limited.

Econ, however, assured that the estimated loss will not have any material impact on the company’s working capital, cash flow and the operations of its business.

“This has no operational impact on our business, which continues to deliver strong operational performance with a 6% year-on-year topline growth for the six-month ended 30 September 2021,” the company said in a bourse filing.

The healthcare operator said it sold its shares following the significant decline in the share price of Crosstec.

Meanwhile, Econ said its growth prospects remain positive with its upcoming projects which include a new 236-bed facility in Henderson which will start operations in the first half of 2022; and a 732-bed nursing home to be operational in 2025 in Jurong, Singapore.

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