November 13, 2024
Elite Diagnostic Limited (ELITE)
Unaudited financials for the first quarter ended September 30, 2024:
Elite Diagnostic Limited (ELITE) for the first quarter ended September 30, 2024, reported a 3% increase in income totaling $202.87 million compared to $196.23 million in the corresponding three months last year. Elite noted that, “Our growth in revenue continued for the quarter under review, despite the unexpected downtime of two high-income-earning machines during the period”.
Direct Cost amounted to $60.01 million (2023: $58.19 million), this represents an increase of 3% year over year. Consequently, gross profit increased by 3% to $142.86 million compared to $138.04 million for the first quarter ended September 30, 2023.
Admin Expenses increased by 16% to close at $102.44 million (2023: $87.98 million), while Depreciation & Amortization costs increased by 1% from $41.67 million in 2023 to $41.95 million for the three months. As a result, Operating loss for the first quarter amounted to $1.52 million, relative to operating profit of $8.39 million reported in 2023.
Elite Highlighted, “The main contributors to our increase in administrative expenses, (excluding direct costs) were increases in depreciation and lease-hold expenses. These unavoidable non-cash increases were incurred due to new rental contracts on our two Kingston locations during the quarter and additional depreciation for the new solar equipment acquired at our Liguanea branch”.
Foreign exchange Gain for the three months amounted to $100,000, relative to foreign exchange loss of $291,010 reported in 2023.
Finance Cost totalled $10.04 million a 26% decrease from the corresponding period last year. (2023: $13.61 million).
No taxes were reported. As such, Net loss for the three months amounted to $11.44 million, a 109% increase from net loss of $5.48 million reported in 2023.
Consequently, Loss Per Share for the three months amounted to $0.03 (2023: LPS: $0.02). The twelve-month trailing EPS was $0.06, and the number of shares used in these calculations was 353,400,000.
Notably, ELITE’s stock price closed the trading period on November 13, 2024, at a price of $2.25 with a corresponding P/E ratio of 39.38x.
Balance Sheet Highlights
The company’s assets totaled $1.04 billion (2023: $1.08 billion). The movement in total assets was influenced mainly by ‘PPE’ decreasing by $40.56 million or 5% to $730.26 million (2023: $770.82 million).
Shareholder’s equity was $499.54 million (2023: $479.34 million), representing a book value per share of $1.41 (2023: $1.36).
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