SINGAPORE: Troubled cord blood banks Cordlife reported a S$ 1.6 million ( US$ 1.2 million ) online lost in the second quarter, a turnaround from a gross profit of S$ 1.4 million in the same time last year.
This was mainly due to lower contributions from Singapore, the group’s main revenue contributor, which only recorded 15 days of operations during the quarter, said the company in a press release on Thursday ( Nov 14 ).
Income for the second quarter which ended Sep 30 fell 31 per share to S$ 10.1 million, down from S$ 14.7 million a month earlier.
Cordlife, Singapore’s longest-running personal cord blood bank, has remained in the red for the first half of the fiscal time.
In comparison to the company’s online income of S$ 2.2 million during the same period last year, the corporation posted a reduction of S$ 12.35 million for the first half of the season.
On a nine-month base, Cordlife recorded a net reduction of S$ 13.9 million, a fall from the S$ 3.6 million revenue last year. Income declined 55.1 per share to S$ 19.3 million, down from S$ 43 million a year ago.
After enduring a months of suspension for its handling of cable blood units, Cordlife received the green light to begin cord blood banks services in a limited capacity starting on September 15.
The company may acquire, test, process and store no more than 30 products of new rope heart per month,  , from Sep 15, 2024, to Jan 13, 2025.
These restrictions are to safeguard the interest of its customers, the Ministry of Health ( MOH) said in August.
A sensor into the company’s behavior has resulted in a full of , nine arrests , thus far.
The business said on Thursday that it is still focused on getting its Singapore activities back to normal.
Further, Cordlife strengthened its operating methods and expanded its processing and storage facilities in Yishun, it added.
Chen Xiaoling, the group’s executive director, stated that Cordlife is now a” stronger team with more powerful capabilities and stronger working procedures,” and that the company will continue to adhere to stringent operating standards while attempting to win back all stakeholder trust.
Ivan Yiu, the group’s CEO, stated:” We are convinced that the group is on the right track to rebuild our business foundation to generate business recovery. We have met MOH’s criteria to begin our cord blood banking services in Singapore.