SINGAPORE (Nov 8): Singapore O&G (SOG) announced earnings for 3Q17 declined 3.3% to $2.35 million compared to $2.43 million in 3Q16.
Revenue for the third quarter ended September saw a 2.4% increase to $7.71 million from $7.53 million last year.
This was due to a $100,000 increase in revenue from the group’s cancer-related and dermatology segments as well as revenue contribution of $100,000 from its new paediatrics segment, SOG Children Clinic, which started operations in July this year.
Other operating income rose 27.7% to $0.1 million from $0.09 million the previous year.
Meanwhile, the group saw an increase of 19.4% in depreciation of plant and equipment at $127,000 compared to $106,000 in 3Q16, mainly arising from a new laser machine acquired for SOG Dermatology Clinic in Dec 2016 and a new ultrasound machine acquired for SC Hong Clinic in Aug 2016.
Other operating expenses increased 21.3% to $781,000 from $644,000 a year ago, mainly due to an increase in rental expense for the group’s new corporate office lease at Mountbatten Square and two clinics; $30,000 donation to a registered charity organisation; and maiden other operating expense of $30,000 incurred by SOG Children Clinic.
Income tax expense increased 25.2% to $419,000 from $334,000 last year, due to lesser tax rebates and allowances for FY17 as compared to FY16.
Employee benefits expense increased 4.7% to $3.01 million from $2.88 million last year, mainly due to the maiden salary and benefits expense of the new specialist medical practitioner and clinical staff for the group’s SOG Children Clinic.
Ng Koon Keng, CEO of SOG says, “We see sustainable growth in our cancer-related segment even as we continue to educate and encourage the public to be more self-aware, perform regular breast examinations and go for regular health screenings.”
Shares in SOG closed 2 cents higher at 54 cents.
