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Earnings sink for Elite Diagnostic

Earnings per share for Elite Diagnostic Limited sank to two cents per unit, down from 15 cents, at financial year-end June 2020.

Audited financials show that while company revenues rose to J$439.8 million compared to J$404.9 million the previous year, profit took a nose dive.

Net profit came out at $8.6 million compared to profit of $51.8 million in 2019.

Company directors explained in the audited report that Elite faced many challenges during the year with equipment breakdowns at the St Ann location, and the effects of COVID-19

In addition to CT and MRI breakdowns, the company also experienced challenges with procurement of parts and repairs. Both machines were operational only for a very short period during the year.

With the delay of a fully operational St Ann location and its associated expenses, net profit was significantly impacted. The effects of COVID-19 contributed to delays in assessment and procurement of parts and repairs.

The good news, they outlined, is that the MRI and CT are now functioning and the St Ann location is at a desired operating capacity with revenue improving.

The fourth quarter also experienced decreased demand for imaging services and reduced opening hours due to COVID-19.

Directors stated, “The company expects the continuation of the negative effects ofCovid-19. The company is actively and continually working to ensure the safety of their staff and patients.”

The company has increased assets to $690.6 million compared to $664.1 million the previous year.

Total liabilities at year end were $230.8 million compared to $212.9 million the previous year.

The directors said they remain “cautiously optimistic for the near future.”