Qualitas Medical Group profit up by 43%

The Malaysian based healthcare provider’s growth is attributed to the company’s international operations.

Qualitas Medical Group Limited on Tueday reported that its profit before income tax for the first half of 010 has increased to RM5.8 million or 36.5% compared with the corresponding period last year, the company’s financial report said.

While income tax expenses have increased from RM 1.3 million in first half of 2009 to RM 1.6 million in HY2010, the group’s effective tax rate has reduced from 30.3% to 27%, due to the lower tax rate of DMCA. The lower tax rate in DMCA is due to the lower corporate tax rate in Singapore compared with other countries in which the group’s subsidiaries operate in, the statement from Qualitas said.

Profit for the period increased by 43% from RM 3.0 million in to RM 4.3 million in the first half of 2010.

This significant growth is said to be attributable to the revenue contribution from Qualitas' international operations as well as an overall revenue increase from the Malaysian operations.

Qualitas said the revenue from the group’s new acquisition in Dr. Marcus Cooney and Associates Pte Ltd (DMCA), a dental care centre in Singapore acquired in January 2010 has contributed revenue of RM9.7 million towards the overall revenue of the group.

“In view of pursuing growth opportunities in the region, we have embarked in significant investments over the past year which has yielded these positive results and we will continue our effort to expand our presence in various opportunities and beyond geographical limits,” said Founder, Chairman and Managing Director of Qualitas Medical Group, Dato’ Dr Noorul Ameen. “The Group has shown a stronger set of results for the first half of the year and this is primarily attributable to our investment in the Singapore dental practice, Dr. Marcus Cooney & Associates Pte Ltd as well as the organic growth of our existing operations by 6.8%. This is coupled with the Group’s ability to manage its expenses in the current robust market condition where businesses are generally facing increasing costs in every aspect of their operations.

Dato’ Dr. Noorul Ameen added, “Our business in Malaysia is expected to benefit from the encouraging growth in the Malaysian economy of 10.1% in the first quarter of 2010 which has translated into better performance in our operations. Our Group will continue to enlarge our presence through expanding our GP clinic network predominantly through affiliate and associate relationships as well as acquisitions so as to provide a more comprehensive network of clinics in Malaysia. In the region, our Group is encouraged by the performance of its recent expansion in dentistry services in Singapore. With this initial footing in Singapore, our Group will continue to explore opportunities to enlarge our presence in dentistry services as well primary healthcare services and imaging services in Singapore.