Asian Healthcare Specialists

Catalist-listed Asian Healthcare Specialists (AHS) saw net profit surge to $1 million for the second half ended Sept 30, about 31/2 times the year-ago figure of $287,000.

This took full-year net profit to $2.5 million, more than five times the previous year’s $0.4 million figure, in its first full-year results since its listing in April. Excluding one-off listing expenses of $0.9 million, net profit would have been $3.4 million, AHS said in its results announcement yesterday.

Revenue for the second half was $5.2 million, down 3.4 per cent from $5.4 million for the same period last year, which AHS attributed to fewer patient visits. Full-year revenue was down a marginal 1.4 per cent at $10.9 million from $11 million the year before.

The largest change in full-year costs came from purchased and contracted services, which fell to $171,000, down from $7.2 million for the previous year. This was due to the termination of consultancy services agreements and the commencement of employment agreements with four doctors.

AHS is proposing a final dividend of 0.4 cent, bringing total dividends for the year to 0.6 cent.

SPH Reit

The manager of retail landlord SPH Reit has appointed Mr Chua Hwee Song, the chief financial officer of Singapore Press Holdings (SPH), as a non-independent and non-executive director with effect from today.

At the same time, Mr Anthony Mallek – appointed to the board in March 2013 – will step down as a non-independent, non-executive director of SPH Reit Management.

Mr Chua, 51, will also be a member of SPH Reit Management’s nominating and remuneration committee. He led SPH in the acquisition of a portfolio of 14 purpose-built student accommodation buildings across six towns and cities in Britain for £180.5 million (S$318 million) in September this year. The Reit is sponsored by media and property group SPH.

Prior to joining SPH this year, Mr Chua worked for more than 25 years as an executive and an entrepreneur in the public and private sectors. He was founder and managing director of his own firm, Tembusu Ventures, that undertook private equity investments, mergers and acquisitions, and fund raising. He also served with the Economic Development Board (EDB) as general manager for the Singapore-Israel Industrial R&D Foundation, and with EDB’s funds investment subsidiary, TIF Ventures, as head of investments for North America and, subsequently, Asia.

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