Business

Double-digit growth for Elite Diagnostic

Friday, October 11, 2019

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Health service company Elite Diagnostic Limited has for its financial year ended June 30, 2019 recorded double-digit growth in profitability, seeing a net profit of $51.8 million. The performance demonstrates a growth representing a 13.3 per cent increase from $44.9 million over the corresponding period last year.

Elite Diagnostic for the year under review recorded revenues of $404.9 million, an increase when compared with the $297.8 million recorded in the prior corresponding period.

Chief Executive Officer Warren Chung in reporting to stockholders on the financial year, said the company saw a substantial revenue improvement from the previous year due to greater utilisation of the Liguanea location.

“The Liguanea branch has extended their day of operations and opening hours to accommodate the increased demand for imaging services. The company continues to see growth in overall demand for imaging services at the two locations,” Chung stated.

Elite Diagnostic has two locations in Kingston — Old Hope Road and New Kingston.

Chung indicated that the St Ann location expenses, which opened in September 2019, will weigh on the overall profit, the company expects a quick turn around in profitability at that location.

The St Ann branch, which Chung says that is ideally located between St Ann's Bay and Ocho Rios, offers MRI, CT Scan, Ultrasound and X-Ray along with doctor offices.

The diagnostic imaging centre's total assets increased to $664.1 million for the period under review, while total liabilities amounted to $212.9 million.

Earnings per share for the period under review ended at $0.15, an increase compared with the $0.14 recorded in the prior corresponding period.


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