Vincent Medical Announces 2018 Interim Results

23rd August 2018

Vincent Medical Holdings Limited (“Vincent Medical” or together with its subsidiaries, the “Group”, stock code: 1612) announces its interim results for the period ended 30 June 2018 (“1H2018” or the “Period”) together with the comparative figures for the period ended 30 June 2017 (“1H2017”).

Driven by the increase in orders from its existing OEM customers, new products roll out for its OBM segment, as well as an increase in marketing efforts, the Group recorded a year-on-year (“YoY”) increase of 10.6% in its total revenue, from HK$205.4 million to approximately HK$227.1 million. However, due to the aggregate effect from the appreciation of RMB against USD, the rise in labor costs and the increase in raw materials prices, gross profit grew modestly by 2.7% YoY to HK$72.8 million (1H2017: HK$70.9 million), whereas gross profit margin recorded a decrease of 2.4 p.p. to 32.1% (1H2017: 34.5%). Despite the drag on gross profit margin, profit attributable to owners of the Company was up by 4.4% to HK$12.9 million (1H2017: HK$12.4 million). Basic earnings per share was HK$2.02 cents (1H2017: HK$1.94 cents) for the Period. The Board of Directors did not recommend the payment of an interim dividend in respect of the six months ended 30 June 2018 (1H2017: nil).