|Core EBITDA increased by 28.5%, Proposed interim dividend of HK0.84 cent per share;
Focus on business expansion strategy, Develop high-end market segment
|HONG KONG – (ACN Newswire) – A leading operator of care and attention homes for the elderly in Hong Kong, Pine Care Group Limited (the “Pine Care Group” or the “Company”, together with its subsidiaries, the “Group”, stock code: 1989), today announced its unaudited consolidated interim results for the six months ended 30 September 2018 (the “period under review”).During the period under review, the Group’s business has performed well and has delivered a growth in core EBITDA of approximately 28.5% to HK$17.1 million for the six-month period ended 30 September 2018, compared to HK$13.3 million for the same period last year. Revenue increased by approximately 7.0% to HK$92.6 million from HK$86.6 million for the same period last year, which was mainly due to the combined effects of commencement of operation of Pine Care Place since June 2018 and an increase in average monthly residential fee of the Group’s eight EA1 care and attention homes. The Board of the Company has resolved to declare an interim dividend of HK0.84 cent per ordinary share.
Luxury Segment – Pine Care Place
Dementia Specialist – Pine Care Point
Mainland China – Pine Care Yada
Pine Care Yada (Wuzhen) Elderly Centre, with a total area of approximately 77,400 square feet, is designed to accommodate 83 residential care places while Pine Care Yada (Wuzhen) Day Care Centre is designed to provide day time services to the residents of Wuzhen Graceland such as social activities, customised dietary menus designed by nutritionists, nursing for bed sore, one-on-one training targeting on the elderly with dementia, group training for the elderly with dementia and home care services.
Integrated Senior Wellness Hub – Patina Wellness
Patina Wellness, with a total floor area of approximately 84,000 square feet, is located at 18 Junction Road, Kowloon City, Hong Kong and aims at serving various needs of the elderly by integrating serviced apartment for the elderly, residential care for the elderly, medical, nursing, rehabilitation, dining, housekeeping as well as leisure, recreational and community services under the same roof. The feedback from the market is very positive and the serviced apartments of Patina Wellness has reached a double-digit occupancy rate within several months since its commencement in June 2018.
In addition to the serviced apartments for the elderly, other elements of the Integrated Senior Wellness Hub include a care and attention home, a multidisciplinary medical clinic, a rehabilitation centre, and a health-focused restaurant. Renovation of these facilities is currently underway. It is expected that the operations will commence in the first half of 2019.
Mr. YIM Ting Kwok, Chairman and Executive Director of Pine Care Group, said, “Looking ahead, we are extremely confident on the long-term prospects of our new projects as we expect the trend of increasing market demand for quality elderly care services to continue. The Group will focus on cultivating our upscale market segment and improving our service quality so as to establish our market leadership position in the burgeoning upscale market segment. We will continue to uphold the guiding principle of “respecting the elderly residents like our families” to provide quality service for the elderly as well as to enhance returns for our shareholders and investors.”
About Pine Care Group Limited