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CHAIRMAN’S STATEMENT
In terms of regional development, AsiaMedic entered
into an agreement in April 2013 to provide teleradiology
services for two hospitals in Mandalay, Myanmar.
Teleradiology involves the transmission of radiological
patient images, such as MRIs, CT scans, across different
geographical regions to facilitate the sharing of diagnoses
among different physicians and radiologists. To follow up,
a Heads of Agreement (“HOA”) was signed with the same
hospitals, with the intention to set up PET/CT and MRI
scanner within the hospitals. While Myanmar offers a new
untapped market for AsiaMedic, we maintain our cautionary
stance concerning investments in the country due to the
inherent regulatory condition. In Shanghai, China, the
post-natal confinement centre is recording improvements
in occupancy rates. The medical centre is introducing
additional services to grow the number of revenue streams.
The Group’s overall financial performance was affected
by the acquisition costs of CHI and Astique, as well
as pre-operating expenses incurred for setting up
Cryoviva Singapore. There was an impairment loss
for the convertible loans relating to China’s post natal
confinement centre (because of its short history of
operation), additional expenses arising from the relocation
of our administration office to a new floor within Shaw
House, and business development expenses for overseas
markets. Excluding these one-off expenses, the earnings
before interest, taxation, depreciation and amortisation
(“EBITDA”) for AsiaMedic would be approximately S$1.8
million for FY2013 compared against S$1.5 million
FY2012.
To wrap it up, several acquisitions and partnerships
transpired in FY2013. These strategic moves help put in
place key drivers to propel the Group forward. Looking
ahead, we will continue to focus and strengthen our
core businesses, as market demand for these services
continues to grow. At the same time, ensuring smooth
integration of our new businesses remains one of our
priorities in the new year.
I wish to thank our Directors and Management for their
invaluable guidance and contribution. I would also like
to convey my appreciation for the unwavering support
and dedication from our clients, employees and business
partners. Finally, I wish to thank our shareholders for their
continuous support and confidence in the Group.
TAN WANG CHEOW
Non-Executive Chairman
ASIAMEDIC LIMITED
ANNUAL REPORT 2013 05