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Global Health 1H loss widens to $511k

Global Health 1H loss widens to $511k

Australian e-health solution provider Global Health (ASX:GLH) has reported a net loss of $511,500 for FY11, as a result of foreign exchange losses.

Revenue grew 1.5% to $2.6 million, with core healthcare license and services revenue increasing 15% to $2.46 million. Ebitda losses meanwhile decreased to $229,000 from $288,000 in 1H09.

But the company's net loss increased from $481,000 over the same period, as a result of forex losses totalling $261,500 accrued from revaluation of loans held by its overseas subsidiaries.

Despite the decline, the company said it was confident it can achieve a positive full-year ebitda by the end of FY11.

Global Health is involved in a number of government e-health tenders, and the international healthcare industry is coming to realise the need to embrace e-health solutions, the company said as an explanation.

Operating expenses stayed constant at $2.8 million, despite the accrual of $250,000 in one-off expenses related largely to the closure of its Perth Office.

GLH shares stayed flat on Monday at $0.030.

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Tags Global Healthfinancial resultsASX:GLH

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