Friday, September 9, 2011

TMC Life Science targets medical tourism

PETALING JAYA: TMC LIFE SCIENCES BHD [] is targeting medical tourism to be a major contributor its revenue in the next three years as it seeks to become profitable, its chief executive officer Francis Lim Poon Thoo said.

He said on Friday, Sept 9 that the group targeted medical tourists to account for 30% of its patients within the three year timeframe. The expertise which TMC Life Sciences could offer to medical tourists would range from diagnosis to cardiac and orthopaedic.

Speaking to reporters after its AGM, he said TMC Life Sciences expected the 30% of the medical tourists to contribute to 40% of TMC's revenue. At the moment, less than 5% of TMC's patients are foreigners, he said.

To recap, for the two-months ended May 31, 2011, it posted net loss of RM3.12 million on the back of RM10.26 million in revenue. It changed the financial year from Dec 31 to May 31, 2011.

It had accumulated losses of RM15.89 million as at May 31, 2011. For the 17 month period ended May 31, 2011, it recorded net loss of RM35.01 million on the back of RM78.64 million in revenue.

The net losses of RM35.01 million during the 17-month period were mainly due to the intangible assets write-off of RM12 million.

Lim explained the impairments were not recurring while the cashflow was still positive.

On the plan to attract medical tourists, Lim said the target markets would be Indonesia, Bangladesh, and Indo-China, where the population is large and medical facilities are insufficient.

TMC's flagship tertiary care hospital, Tropical Medical Centre in Kota Damansara, is also a strategically located for medical tourism, he said.

The private hospital is about 15 minutes away from the Sultan Abdul Aziz Shah Airport in Subang.

Tropical Medical Centre, which currently has 120 hospital beds, is also renovating a floor to serve as a ward which would add about another 30 beds, said Lim.


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