Thomson Medical’s profit dwindles to $2m in 1H24

The healthcare provider also recorded lower revenue during the period.

Thomson Medical’s profit attributable to its owners fell 91.9% YoY to $2m in 1H24.

In the same period, the healthcare provider also recorded an 8.6% YoY lower group revenue of $168.1m.

Revenue particularly declined for its Singapore market due to the completion of short-term service contracts related to running transitional care facilities.

In 1H24, Thomson Medical’s revenue in Singapore fell 18% YoY to $113.7m.

“Although there were improvements in staff costs of 5% from $62.6m down to $59.6m…other operating expenses were higher at $42.8m mainly due to one-time transaction costs and foreign exchange loss incurred in relation to the acquisition of the Far East Medical Vietnam Limited (FEMVN),” the company said.

The company’s Malaysia operations, on the other hand, recorded a 21% YoY jump in revenue to reach $54.2m.

With lower overall profit, the company declared a 90.7% YoY lower earnings per share of $0.008.