, Singapore
271 views

Econ Healthcare to book $3.4m loss in Crosstec exit

The loss will not have any material impact on the company.

Private nursing home operator Econ Healthcare said it expects an estimated loss on investment of approximately S$3.4m with the sale of all its shares in Hong Kong-listed Crosstec Group Holdings Limited.

Econ, however, assured that the estimated loss will not have any material impact on the company’s working capital, cash flow and the operations of its business.

“This has no operational impact on our business, which continues to deliver strong operational performance with a 6% year-on-year topline growth for the six-month ended 30 September 2021,” the company said in a bourse filing.

The healthcare operator said it sold its shares following the significant decline in the share price of Crosstec.

Meanwhile, Econ said its growth prospects remain positive with its upcoming projects which include a new 236-bed facility in Henderson which will start operations in the first half of 2022; and a 732-bed nursing home to be operational in 2025 in Jurong, Singapore.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!