Singapore-listed ISEC Healthcare's profit fell 37% to $974,680m in Q1

This was mainly attributed to a fall in business activities in Malaysia.

Medical eye care company ISEC Healthcare's profit crashed 37% to $974,680 (S$1.39m) in Q1 2020, from $1.56m (S$2.22m) in Q1 2019, according to a bourse filing. Revenue dropped 7% to $6.5m (S$9.27m) over the same period.

The fall in revenue was mainly attributed to decreased business activities from the group’s specialised health services segment in both Malaysia and Singapore, due to the outbreak of COVID-19 in both regions. Malaysia in particular, being the group’s main revenue contributor, announced a national movement control order measures.

Meanwhile, cost of sales climbed 4% to $3.72m (S$5.31m), mainly due to higher staff-related expenses for specialist doctors, with increased headcount on specialist doctors during the quarter.

“We are uncertain on the duration of and extent to which COVID-19 will affect the operations of the group. Under the present circumstances, the Board is of the opinion that our financial performance for the remainder of the financial year is likely to be adversely affected,” the group’s board said.