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E-Channelling posts Rs.10mn net in 4Q

19 April 2016 10:40 am - 0     - {{hitsCtrl.values.hits}}

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The country’s pioneering healthcare e-services provider E-Channelling PLC posted a company level net profit of Rs.10.67 million, compared to a group net loss of Rs.2.57 million year-on-year (YoY) for the fourth quarter ended March 31. E - C h a n n e l l i n g P L C amalgamated its only subsidiary ECL Soft (Pvt.) Ltd last year, thus ceasing to operate as a group. The revenue for the quarter improved to Rs.56.64 million from Rs.50.74 million YoY, as the cost of sales reduced to Rs.12,961 from Rs.17,325 YoY. The administrative expenses increased to Rs.28.94 million from Rs.18.06 million YoY

The marketing and distribution expenses increased from Rs.905,629 to Rs.3.4 million YoY, possibly due to the emergence of a competitor. The income tax expenses fell to Rs.16.35 million from Rs.35.45 million YoY. The company’s asset base increased to Rs.245.06 million from Rs.176.66 million YoY. While the non-current assets declined to Rs.21.03 million from Rs.27.88 million YoY, shortterm investments made up the difference, increasing to Rs.150.40 million from Rs.57.42 million YoY. The investments were fuelled by the retained earnings, which increased to Rs.80.35 million from Rs.3.02 million YoY. The income tax liabilities fell to Rs.16.69 million from Rs.36.43 million YoY, while the company had no interestbearing debt obligations. For the financial year ended March 2016, the company posted a net profit of Rs.77.05 million, down from Rs.87.39 million yoy. The revenue increased to Rs.216.63 million from Rs.193.99 million yoy, while the cost of sales fell to Rs.46,428 from Rs.57,233 yoy. The administrative expenses rose to Rs.108.47 million from Rs.65.29 million yoy, marketing expenses increased to Rs.7.25 million from Rs.1.74 million yoy and the income taxation fell to Rs.31.92 million from Rs.42.54 million yoy. The company is likely to run into some headwind during the new financial year, as Asiri Hospital Holdings PLC—the country’s largest private sector healthcare provider—broke away from its affiliation with E-Channelling and joined up with Dialog Axiata PLC to form the joint venture doc.lk. E-Channelling last year filed a case in an attempt to prevent Asiri from forming the joint venture, as it claimed Asiri has E-Channelling’s client list and other crucial information in its possession. E-Channelling currently has

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