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Monday, January 22, 2018

Russian venture delivers record earnings for UCrest

Adam Aziz / theedgemarkets.com
January 22, 2018 18:51 pm +08

KUALA LUMPUR (Jan 22): Thanks to higher revenue from its Russian venture, UCrest Bhd reported a record profit of RM3.59 million for the second quarter ended Nov 30, 2017 (2QFY18), compared with a loss of RM550,000 a year earlier.

The medical technology and network solutions firm's earnings per share stood at 1.06 sen, from losses of 0.17 sen in 2QFY17, it said in a filing today.

Similarly, quarterly revenue was also the highest ever achieved by the group at RM11.24 million, from RM61,000 last year.

The Russian business was central to UCrest achieving a net profit of RM6.62 million for the first six months of FY18, as against a loss of RM1.07 million in the first half of FY17. Revenue rose over 66 times to RM19.08 million from RM283,000.

Over 90% of UCrest's revenue during the six months was driven by its Russian operations, including cloud network contract for hospitals, which first contributed into its books in the first half of 2017.

UCrest, formerly known as Palette Multimedia Bhd, provides the 'imedic' system which enable patients to have wireless medical devices to regularly make measurement and upload the vital sign data, allowing doctors to have 24/7 access to the patient data.

"More than 15 devices have been developed to connect to imedic including continuous positive airway pressure (CPAP) machines for sleep apnea patients," said the group.

"The company will continue to invest in the innovation and development of its next generation of imedic with extensive artificial intelligence (AI) technologies performing analytic on the Big Data of the patients and make useful recommendation of diagnosis and treatment plan to the doctors and patients," it added.

UCrest was the fifth most active counter today, with some 149.89 million shares traded. The stock spiked 12.5 sen or 27.78% to close at its all-time high of 57.5 sen, giving it a market capitalisation of RM216.58 million.

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