Thomson Medical Group sees 1.3% revenue fall in H1

The drop was caused by low patient loads in Singapore, Malaysia.

Singapore Exchange mainboard-listed Thomson Medical Group saw a 1.3% drop in revenue to $116.6m for H1 2021 ended 31 December 2020, from $118.2m in the same period the year prior, primarily due to low overall patient loads in Singapore and Malaysia.

Whilst revenue from hospital services dipped by 3.6%, this was partially offset by a 2.7% growth in revenue from specialised services.

The group’s adjusted EBITDA logged a 32.6% increase to $31.8m, compared to $24m in the same period last year, driven by grants the group received via support schemes and initiatives by the Singapore government.

“EBITDA was further augmented by the additional income received from providing serology testing operations for foreign workers housed at dormitories and isolation facilities to support Ministry of Health’s effort to expand COVID-19 testing capacity, and bolstered by the group’s austerity measures to mitigate the economic impact of the COVID-19 pandemic,” the group added.

The group achieved a net profit after tax of $9.7m (compared to a $1m loss in the same period last year) on top of lower interest rates and lack of real property gain tax rate in Malaysia.

Looking forward, the group would launch a dedicated specialised learning centre for children with developmental delay, as part of the Thomson Kids subsidiary platform, in Q3 FY 2021.

Moreover, the group would monitor the impact of imposed movement restrictions on the operations and the expansion of the new wing at Thomson Hospital Kota Damansara in Malaysia.