Gelonghui, Feb. 28 | Joint Medical Services (00722.HK) announced that it recorded revenue of HK$375.8 million in the 2023/24 interim period, an increase of 2.9% compared with the 2022/23 interim period. The increase in revenue was mainly driven by the Hong Kong and Macau Clinical Healthcare Services Division, which was the result of opening new medical and imaging centres in the previous fiscal year.
Despite a slight increase in revenue, profit attributable to company owners decreased by 63.1% from HK$42.5 million in the 2022/23 interim period to HK$15.7 million in the 2023/24 mid-term period. The decrease is mainly due to (i) an increase in service costs in the mid-2023/24 period compared to the mid-2022/23 period, which includes professional service costs and consumed inventory costs; (ii) increases in human resources costs and rental expenses, mainly in line with two new imaging centers that opened in February and May 2023 and are in their infancy; and (iii) increased depreciation expenses related to capital investments in medical equipment and rental property improvements for newly opened medical and imaging centres.