Golden Meditech Announces 2010/2011 Interim Results
Total Turnover Up 24% and Profit After Tax Substantially Increased by 171%
Devices Business Made Significant Inroads into Mid-tier Hospitals with
Double Digit Growth in Accessories Sales
Services Business Strengthened by Growing Hospital Management Business and
New Medical Insurance BPO
HONG KONG, Nov. 29, 2010 /PRNewswire-Asia-FirstCall/ -- Golden Meditech
Holdings Limited ("Golden Meditech" or the "Group," HKEx: 801), China's
leading integrated healthcare enterprise, is pleased to announce today its
interim results for the 2010/2011 financial year. For the six month period
ended September 30, 2010, the Group reported total revenue of HK$163million
with 24% increase compared to the previous interim period. Profit after tax
amounted to HK$161million, representing an increase of 171% relative to the
previous interim period.
Mr. Kam Yuen, Chairman and Chief Executive Officer of the Group said,
"Benefiting from China's medical reform and a favourable market
environment, the Group's medical devices segment has gradually penetrated
more mid-tier hospitals as the product garnered greater acceptance, which
in turn has substantially benefited medical accessories sales leading to
14% revenue growth relative to the previous year. In order to cater to the
shortage in surgical blood supply, the Ministry of Health has strengthened
its policies on surgical blood safety and encouragement for the use of
autologous blood, which translated into more business opportunities for the
Group. In August 2010, the Group raised HK$283million from private equity
investors to expand its production capacity while it also stepped up
marketing and brand building initiatives to reinforce its leading position
and respective share in the blood purification market."
On the other hand, the Group's hospital management business reported
the first full-term interim revenue since acquisition of this division was
completed in June 2009, which amounted to HK$38million, accounted for 23%
of total revenue. The Group's hospital management business is the first
foreign company with a nation-wide hospital management license and
currently manages two leading haematology hospitals in China.
The Group's US-listed affiliates, China Cord Blood Corporation and
FunTalk China Holdings Limited, both sustained high yet stable growth and
together contributed HK$54million to the Group's earnings.
As its business operations reported continuous across-the-board growth,
in April 2010, the Group teamed-up with two leading health maintenance
organizations that are service providers of the Medicare programme for the
US government to form a new joint venture in Shanghai. This new business is
China's first medical insurance information management and Business Process
Outsourcing service provider to cater to the emergent needs for such
services in China.
Commenting on the Group's business outlook, Mr. Kam reiterated that as
the ongoing medical reform will bring about even more opportunities within
China's healthcare sector, the Group is poised to enjoy significant
synergies between individual operations within its integrated business
platform, rendering it in an excellent position with encouraging growth
prospects.
About Golden Meditech Holdings Limited
Golden Meditech Holdings Limited is China's leading
integrated-healthcare device and service operator, and the first medical
device enterprise that was publicly listed outside of the PRC on the Stock
Exchange of Hong Kong Limited (HKEx). Golden Meditech is a first-mover in
China, having established dominant positions in medical devices and
healthcare services markets over the years, 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.
