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Concord Medical 1Q profit rises as company expands

Thu, 05/27/2010 - 7:10am
The Associated Press

Concord Medical Services Holdings Ltd., the largest radiation therapy and diagnostic imaging center operator in China, said Thursday that its first-quarter profit surged as the company continues to expand.

Concord said its profit grew to 21.6 million renminbi ($3.2 million) from 1.1 million renminbi. The company said it earned 6 cents per American Depositary Share. Revenue climbed 51 percent, to 76.2 million renminbi ($11.1 million) from 55.8 million renminbi.

The company, which completed its initial public offering in December, opened one center during the quarter and now has 89 facilities in 37 cities across China. It treated 6,868 patients and saw 26,562 for diagnosis. Patient cases grew 18 percent compared to last year, and diagnoses doubled.

Concord bought four more centers in April and expects to open eight to 10 others in the second quarter. It currently has agreements to open 38 more centers, and aims to have at least 200 facilities by 2012.

Based on the results, Concord raised its revenue forecast to a range of 367 million renminbi ($53.7 million) to 398 million renminbi ($58.2 million), up from a range of 360 million renminbi to 390 million renminbi.

In morning trading, Concord share rose 14 cents, or 2.3 percent, to $6.25.

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