Cord blood bank operator Cordlife Group swung to a 2Q profit of $9.6 million, as financial gains offset a decline in operating earnings. A year ago, it notched up a net loss of $3 million.
Revenue rose 2% to $14.5 million during the quarter, even as operating profit before tax fell 33.8% to $706,000.
In 2Q, the firm sold shares in China Cord Blood Corp and convertible notes issued by China Cord Blood. This led to Cordlife recognising fair-value gains on its investment in China Cord Blood, including a $7.3 million gain on fair-value change in derivatives compared with a $4.7 million loss a year earlier.
Cordlife says it expects its main business to remain profitable for fiscal 2016.
The stock ended 1.3% higher at $1.535.
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Revenue rose 2% to $14.5 million during the quarter, even as operating profit before tax fell 33.8% to $706,000.
In 2Q, the firm sold shares in China Cord Blood Corp and convertible notes issued by China Cord Blood. This led to Cordlife recognising fair-value gains on its investment in China Cord Blood, including a $7.3 million gain on fair-value change in derivatives compared with a $4.7 million loss a year earlier.
Cordlife says it expects its main business to remain profitable for fiscal 2016.
The stock ended 1.3% higher at $1.535.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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