S$ 12.35 Billion LOSS
In a separate filing, Cordlife posted a loss of S$ 12.35 million ( US$ 9.4 million ) for the first half of the year, compared , to a net profit of S$ 2.2 million in the same period a year ago.
The drop includes about S$ 9.7 million for the , cancellation of successive charges for clients who had stored cord blood in its high-risk tanks, as well as deal liabilities , related to upcoming store obligations of affected clients.
Seven of Cordlife’s 22 storage tank  , were found to have been exposed to temperatures above appropriate restrictions in November 2023.  ,
Around 2, 200 thread body units belonging to nearly 2, 150 clients were damaged, with about another 5, 300 thread body units stored in a subsequent tank and a clean shipper deemed “non-viable” by MOH.
Cordlife’s profit for the first half of the year was  , S$ 9.2 million, a sharp decline from S$ 28.3 million in the same period a year ago.  ,
The reduction in income for 1H2024 is mainly due to the expulsion of the Cordlife Group’s Singapore functions, the organization said.
The bank’s Singapore businesses, which had been the company’s largest income source, is expected to continue to be affected by the continuous suspension and examinations, said Cordlife.
” Cordlife will continue to work closely with the MOH to look into and correct the deficiencies in its Singapore activities.
The business reported that during the evaluation phase, it “upped its correction efforts.”
It said that an , oversight committee was created in May 2024 that , comprises , specific executives and managing and will help solve Cordlife’s current issues, including the nomination of a new assessment agency.
In order to provide guidance and insights to its teams, Cordlife added that it established a medical and technical advisory board in June 2024.
Cordlife stated that it has been working with Shandong Qilu Stemcell Engineering since July to assist its Singapore team during the rectification period.  ,
Nanjing Xinjiekou Department Store, which owns 20.3 % of Cordlife, is a subsidiary of Shandong Qilu Stemcell Engineering. It has around 1 million cord blood units in its cord blood bank and is located in Shandong province, China.  ,
Additionally, it is thought that Cordlife’s Philippines operation will offer a variety of diagnostics tests and routine prenatal screenings.
” Despite the extremely difficult first half, we have continued to strengthen our processes, update our stakeholders, and fix our operations with the aim of returning our operations to full strength as soon as possible,” said Cordlife group CEO Ivan Yu.
To lessen the impact of our Singapore operations, he continued,” We are also looking into new business opportunities in other markets.”