Higher visits to urgent care swell fee intake at GWest Corporation

 

Wayne Gentles, CEO of Gwest Corporation Limited states that plans are in place by the company to acquire additional equipment in the Surgery Centre so as to widen surgery capacity and offerings.

Meanwhile, however, revenue uplift came from the Centre’s urgent care unit. Gentles said in the company’s latest financials for the nine-month period ended December 31, 2024, ‘We continued to see an uptick in the use of our Urgent Care Centre as revenue increased by 60 per cent during the quarter and 50 per cent for the nine-month period.”

Gwest meanwhile continues to press for an upgrade in current accreditation to hospital status.

Unaudited financial statements for the quarter ended December 31, 2024, and the nine months ended December 31, 2024, show that Gwest secured an operating profit of $7.76 million for the quarter which compared with an operating profit of $10.14 million in the corresponding quarter last year.

Revenues decreased by three per cent in the last quarter overall , however, revenues increased by 13 per cent for the nine months to December 31,2024.

Gentles stated that the lift in revenues is mainly attributable to the increase in income from patient fees, which increased by 10 per cent for the nine-month period.

He outlined, “We continue to experience significant increases in patient volumes and fees in our Urgent Care Centre.”

Meanwhile, however, the company experienced a 30 per cent reduction in revenue from the Surgery Centre following the termination of the Government's MOH code care programme. “Initiatives are being undertaken to increase surgery activity,” it was noted.

Finance costs for the December quarter were $9.02 million, resulting in an overall net loss of $1.15 million compared to finance costs of $7.40 million and overall net profit of $2.74 million for the corresponding quarter to December 31, 2023.

For the nine months to December 31, 2024 the company reported revenues of $202.56 million compared to the $180.83 million for the corresponding period in 2023.



Operating profit for the nine month period was $6.95M compared to an operating loss of $4.45 million for the corresponding period in 2023. Finance costs for this nine-month period was $27.67 million, resulting in an overall net loss of $20.61 million compared to finance costs of $20.940 million and an overall net loss of $225.39 million for the corresponding period in 2023. This improvement is a 19 per cent decrease in losses for the nine months to December 31, 2024.



Gentles outlined, “Our direct costs and administrative expenses were in line with revenue, however, our finance costs increased due to renewal of our finance leases at higher interest rates.”

GWest Corporation Ltd had total assets of $1.71 billion at December 31, 2024, compared to $1.58 billion at December 31, 2023. This was mainly due to renewal of leases which resulted in additional right-of-use assets. Cash and short term deposits increased from $38.66 million to $42.16 million over the period.

Photo: Pngtree.com

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