Global Health narrows FY11 loss to $223k

Global Health narrows FY11 loss to $223k

Healthcare software and services company Global Health (ASX:GLH) narrowed its FY11 loss by over $500,000, due to improving core revenue and lower costs.

The company reported a net loss for the year of nearly $223,000, from an $812,000 loss in FY10.

Ebitda swung to a positive $170,000, from a $723,000 ebitda loss a year earlier.

Core revenue from the supply of software systems to hospitals and health care providers grew 12% to $4.9 million. International revenue more than doubled to about $519,000.

But total group revenue grew just 3.3%, after accounting for a $360,000 decline in revenue from sources including government grants, interest and non-healthcare income.

Aiding the bottom-line was a 10% decrease in corporate, sales and marketing revenue.

In its financial report, Global Health said it had decided to write off $900,000 worth of inter-company loans to its overseas subsidiaries, which should mostly take care of the effects of foreign currency fluctuations.

The company said its e-health portfolio is now market ready, and that it expects this product line to be the major source of further revenue and margin growth going forward.

GLH shares remained unchanged in Tuesday's trading to $0.004.

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Tags e-healthsoftwarefinancial resultsGlobal Healthforeign exchangeASX:GLH

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