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Concord Medical 3Q profit falls on costs

Thu, 11/18/2010 - 11:45am
The Associated Press

Concord Medical Services Holdings Ltd., a radiation therapy and diagnostic imaging center operator in China, said Thursday that its third-quarter net income fell 2 percent on rising costs.

Concord said its net income fell to 33.4 million yuan ($5 million) from 22.3 million yuan, during the same period a year prior. The company said it earned 10 cents per American depositary share during the most recent quarter. Revenue climbed 30 percent, to 101 million yuan ($15.1 million) from 78 million yuan.

It said its earnings per ADS adjusted for one-time items was 11 cents.

Analysts polled by Thomson Reuters expected a profit of 15 cents per ADS on $15 million in revenue. Those earnings estimates typically exclude one-time items.

The cost of revenue jumped 53 percent to 34.1 million yuan ($5.1 million), mainly on higher lease management services costs. General and administrative costs also increased.

The company completed its initial public offering in December.

Looking ahead, the company said it expects 2010 revenue in a range of 367 million to 398 million yuan.

Concord Medical's ADS ended Thursday down 6 cents at $7.06 after trading as high as $7.30. The stock has traded between $5.36 and $10.70 since going public in December.

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