StemLife expects better results this year

KUALA LUMPUR: Stem cell banking company StemLife Bhd, which is no longer listed on the local bourse, expects its net profit and revenue for the financial year ending June 30, 2017 (FY17) to improve compared with last year.
This is given its current focus on expanding coverage into more areas in the country especially in East Malaysia, increasing number of products and services for mother and baby, and investment in educational and promotional activities to increase public awareness.
"Currently we already have a presence in the Klang Valley, southern part of Johor Bahru, Ipoh and Penang. We will continue our focus in these markets but we see there is still so much potential for our business to grow in Malaysia," its CEO Yap Eng Gee said at a media briefing here today.
For the six-month period ended Dec 31, 2016 (Q2FY17), StemLife posted a net profit of RM1.44 million, eight times higher than the RM175,000 it posted a year ago, mainly due to higher gross profit during the period and the absence of impairment loss from the write-off of investment.
The company's de-listing follows the completion of the acquisition of a 99% stake in March 2017 by Singapore-listed Cordlife Group Ltd (CGL).
"It has just been a month since we completed the de-listing process. We will further leverage on the experience, expertise and resources of the CGL group and head office in Singapore," Yap added.