HONG KONG, Nov. 27, 2012 /PRNewswire/ --
|
6 months
ended
|
|
HK$
|
Sep 30
2012
|
Sep 30
2011
|
H-o-H
|
Turnover
|
|
|
|
Hospital Management
Service Income
|
71,173,000
|
62,747,000
|
+13.4%
|
Medical Insurance
Administration Service Income
|
497,000
|
379,000
|
+31.1%
|
Medical Devices
Sales
|
83,432,000
|
81,900,000
|
+1.9%
|
Medical Accessories
Sales
|
57,217,000
|
49,994,000
|
+14.4%
|
Chinese Herbal
Medicine Sales
|
12,145,000
|
15,862,000
|
-23.4%
|
|
224,464,000
|
210,882,000
|
+6.4%
|
Share of Profit from
Associates
|
|
|
|
China Cord Blood
Corporation ("CCBC," CO:US)
|
30,120,000
|
29,728,000
|
+1.3%
|
China National
Medical Equipment Industry Corp. (CMIC)
|
1,608,000
|
2,272,000
|
-29.2%
|
Fortress Group
Limited (Formerly FunTalk China)
|
24,435,000
|
40,094,000
|
-39.1%
|
|
|
|
|
Profit After
Tax
|
96,903,000
|
84,425,000
|
+14.8%
|
|
|
|
|
Profit Attributable
to Shareholders
|
85,255,000
|
76,645,000
|
+11.2%
|
Adjusted Profit
Attributable to Shareholders *
|
30,363,000
|
83,518,000
|
-63.6%
|
|
|
|
|
Earnings Per Share
(Basic)
|
4.23 HK
cents
|
3.93 HK
cents
|
+7.6%
|
Adjusted Earnings Per
Share (Basic) #
|
1.51 HK
cents
|
4.28 HK
cents
|
-64.7%
|
*
|
Excluding non-cash and
non-operating gain of HK$54,892,000 (6 months ended 30 September
2011:
non-cash and non-operating loss of HK$41,526,000) due to fair value
changes of financial assets
and financial liabilities; and excluding gain on partial disposal
of an associate of HK$34,653,000
recorded in the 6 months ended 30 September 2011
|
#
|
Based on Adjusted Profit
Attributable to Shareholders
|
Golden Meditech Holdings Limited ("Golden Meditech,"
together with its subsidiaries collectively as the "Group," -
801.HK; 910801.TW), a leading integrated healthcare enterprise in
China, is pleased to announce the
Group's interim results for the six months ended 30 September
2012.
During the interim period, the Group reported financial results
that were in line with management expectations and barely affected
by the current global environment. Total revenue for the
interim period increased by 6.4% to HK$224,464,000. Profit attributable to
shareholders of the period increased by 11.2% to HK$85,255,000. Excluding non-cash gain of
HK$54,892,000 due to fair value
changes of financial assets and financial liabilities, adjusted
profit attributable to shareholders of the period, which included
contributions from associates, dropped by 63.6% to HK$30,363,000.
Mr. Kam Yuen, Chairman and Chief
Executive Officer of the Group, said, "Golden Meditech's solid
healthcare businesses have weathered the complicated market
conditions, and allowed the Company to take advantage of the
opportunities that have arisen. The medical devices segment
continued to be favoured by the Chinese policies on blood
transfusion, while healthcare services segment recorded a steady
performance despite the Beijing
haematology hospital operations being temporarily suspended until
the 600-bed new hospital to be operational by the end of this
fiscal year. With living standard and aging population
continue to grow, public awareness of quality healthcare is
increasing, and the Chinese government has exerted greater support
to the development of healthcare industry, which provides a
favourable platform for Golden Meditech to drive the business
forward."
HEALTHCARE SERVICES SEGMENT
For the interim period, revenue from the healthcare services
segment remained steady at HK$71,670,000. Revenue generated from the
hospital management business and medical insurance administration
business were HK$71,173,000 and
HK$497,000 respectively.
The flat revenue growth from the hospital management business
during the period was due to the strategic relocation of hospital
facilities in Beijing to a much
more spacious site which is scheduled to be opened by the end of
the year. As a result, the Beijing hospital is temporarily closed, which
has slowed down the overall hospital management business this
year.
In tandem with the Group's long-term strategies in hospital
management business, it entered into an agreement to increase
ownership in its non-wholly-owned hospital management subsidiary,
GM Hospital Group Limited, through acquiring the US$28,000,000 Convertible Notes from New Horizon
Capital III, L.P. ("New Horizon") in August 2012. New Horizon
in return received 279,344,444 new shares from Golden Meditech at
the issue price of HK$0.9 per
share.
China Cord Blood Corporation ("CCBC"), an associate company of
the Group continued to post strong half-year results with 31.1%
growth in revenue and 33.5% increase in operating profit to
US$14,550,000. However, its net
profit was affected by non-cash accounting treatment for
derivatives associated with financial instruments of the
convertible notes issued to KKR investment fund in April
2012. As the results, CCBC's contribution to the Group only
increased slightly by 1.3% to HK$30,120,000.
With strong confidence in the prospects of CCBC and its market
leadership, Golden Meditech invested US$50,000,000 into CCBC in September 2012 through the subscription of 7%
Convertible Notes due 2017. The new investment will allow
CCBC to speed up its development and seize the upcoming
opportunities in China and any
other untapped markets.
Meanwhile, the Company's medical insurance administration
business, GM-Medicare has achieved satisfactory progress during the
reporting period and continued to serve as the missing link between
multiple stakeholders in the medical insurance market in
China.
MEDICAL DEVICES SEGMENT
Revenue from the Group's medical devices segment amounted to
HK$140,649,000, representing 6.6%
increase relative to the previous corresponding period, accounting
for 62.7% of the Group's total revenue.
With the Chinese government initiatives dedicated to elevate the
quality and standard of healthcare industry, a number of favourable
policies, such as the "Level III General Hospital Accreditation and
Administration Standards" by the Ministry of Health which demands
hospital managers to promote the clinical application of autologous
blood recovery system (the "ABRS") to alleviate surgical blood
shortages where implemented and one of the Company's key products,
the ABRS, is set to rise in the coming years.
Golden Meditech believes the separate listing of medical devices
division at a right stock exchange under the appropriate market
conditions is beneficial to the Group and its shareholders in the
long run. Therefore, the Group has decided to enter into
agreements with shareholders of China Bright Group Co. Limited
("China Bright") to purchase back
the shares, and to extend the listing of China Bright for another 18 months until
February 2014. As of today, the Group has increased its stake
in China Bright to 95.10%.
In addition, leveraging on its seasoned experience in selling
blood related medical devices, the division is exploring to develop
the distribution of imported medical devices in China to expand the revenue sources. In
August 2012, Golden Meditech signed a
product purchase and distribution agreement with ThermoGenesis
Corp. (NASDAQ: KOOL) for the AXP® AutoXpress® System ("AXP
System"), an automated device used for the processing of stem cells
from cord blood.
STRATEGIC INVESTMENTS
The performance of Fortress Group Limited ("Fortress")
underlying FunTalk China Holdings Limited ("FunTalk") business was
down by 13.8% during the period, compared with same period last
year. In addition, Fortress needed to account for non-cash expenses
associated with derivatives on certain financial instruments. As a
result, the Company's share of profits from Fortress was down by
39.1% to HK$24,435,000 compared with
the previous reporting period.
The Chinese herbal medicine business reported a loss of
HK$16,531,000 during the period, and
was below management expectations.
With overall strategy to be focused on the enhancement of core
healthcare businesses, the Company intends to consider disposals of
non-strategic divisions at appropriate time and any proceeds raised
will be allocated among existing businesses, and its
shareholders.
OUTLOOK AND STRATEGIES
Looking ahead, Mr. Kam commented, "The Group continues to have
high hopes for the healthcare industry in China. The vast and
growing Chinese market presents great demand for premium medical
devices and healthcare services. Golden Meditech is well
positioned to seize the opportunities in the prospective healthcare
industry with its dedication and foresights to establish the
Company into a leading integrated healthcare enterprise in
China." Mr. Kam continued, "In the
coming months, Golden Meditech will focus on the completion of the
new hospital in Beijing as part of
its long term strategies for the healthcare services segment.
The new hospital has larger floor areas, more beds and specializes
in various departments to address patients' different needs, not
solely haematology patients as before. The Group believes
that the new hospital will soon contribute higher revenue to the
Group and reveal the embedded values of Golden Meditech to the
market. In addition, the Group's medical devices segment will
continue to benefit from the favourable medical policies on blood
transfusion. Leveraging on its existing solid network and
ability to penetrate into lower-tiered hospitals, the medical
device segment will be promising in the long run."
About Golden Meditech Holdings Limited
Golden Meditech Holdings Limited (www.goldenmeditech.com) is
China's leading integrated-healthcare enterprise. Golden Meditech
is a first-mover in China, having
established dominant positions in medical devices and healthcare
services markets, thanks to its strengths in innovation and market
expertise and the ability to capture emerging market opportunities.
Going forward, the Group will continue to pursue a leading position
in China's healthcare industry
both through organic growth and strategic expansion.
For inquiries, please contact:
Golden Meditech Holdings Limited
Investor Relations Department
Tel: (852) 3605 8180
Fax: (852) 3605 8181
Email: ir@goldenmeditech.com
SOURCE Golden Meditech Holdings Limited