CMER Eye Care (03309.HK) Issues Profit Warning: Expected Net Profit of HK$60–65 Million for 2023, Turning Around from Previous Year's Loss

Source: Guolon Holdings Limited

Gelonghui March 12thC-MER Medical(03309.HK) Announcement,Based on the unaudited financial information available as of December 31, 2023, the Company expects to turn losses into profits, with profit attributable to equity holders reaching HKD 60 million to HKD 65 million, compared to a loss of HKD 21.9 million attributable to equity holders for the year ended December 31, 2022.

The expected increase in profit attributable to the company's equity holders is mainly driven by the revenue generated from medical services, which increased by more than 30% from HKD 1.43 billion in the 2022 fiscal year to approximately HKD 1.9 billion in the 2023 fiscal year. However, this growth was partially offset by the decrease in revenue from the sale of COVID-19 related medical consumables, which dropped from HKD 298 million in the 2022 fiscal year to approximately HKD 19 million in the 2023 fiscal year.

The Group continues to observe the sustained demand for its ophthalmology and dentistry services in both mainland China and Hong Kong. Coupled with the resumption of border crossings between Hong Kong and Shenzhen, the dentistry business operated under the "Shenzhen Aikangjian" brand in Shenzhen recorded significant revenue growth and turned from loss to profit in the 2023 fiscal year.