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GWEST slowly reversing losses, records 25% jump in revenues

GWEST Corporation is slowly reversing its losses occasioned by an improvement in total revenues, which have shot up 25 per cent during the June quarter.

Net loss for the period amounted to JM$10.76 million relative to a net loss of JM$16.71 million in 2020. There was no taxation charge for the quarter.

The entity, which provides medical services from its Fairview, Montego Bay location, pared its operating loss to JM$1.29 million during the period, which, twelve months earlier, amounted to JM$7.94 million. Revenues has climbed by 25 per cent to JM$30.80 million for the first quarter, when compared with the JM$24.16 million booked last year.

The company reports that, “Revenue was positively impacted by a 46 per cent increase in patient fees during the quarter relative to the corresponding quarter in the prior year. The increase in patient fees was mainly due to the relaxing of COVID-19-related curfew restrictions resulting in a greater movement of the people and longer opening hours at our facilities.”

Additionally, “Lease income increased by 12 per cent over the corresponding quarter in the prior year as result of increase rental of lettable space. Negotiations are ongoing with a prospective tenant for a lease of 5,000 square feet of office space. We expect to complete these negotiations during the second quarter.”

Cost of sales for the period amounted to JM$8.84 million relative to the JM$6.03 million reported for the same period last year. Consequently, gross profit increased 17 per cent amounting to $21.24 million relative to the $18.12 million for the corresponding period in 2020.

“Revenue was positively impacted by a 46 per cent increase in patient fees during the quarter…due to the relaxing of COVID-19-related curfew restrictions, resulting in a greater movement of the people and longer opening hours at our facilities”

Administrative expenses decreased by 30 per cent to close the period at $9.98 million, down from the $14.20 million booked in 2020. Other operating expenses amounted to $19.20 million up 27 per cent from $15.07 million for the corresponding period in 2020. Finance cost for the period amounted to $9.53 million relative to $8.78 million booked for the comparable period in 2020.