HIP losses mount
September 1, 2010
HEALTH Corporation, the parent
company of the Health Information
Pharmacy franchise group,
yesterday reported a $3.2 million
loss for last 12 months - with the
figures revealing the company had
just $60,000 in cash as at 30 Jun.
The company said its
consolidated loss after providing for
income tax and “eliminating
minority equity interest” was $2.63m.
Health Corporation has also
completely written off the previous
$420,740 carrying value of the
intellectual property of the “HIP
Franchise System.”
The group’s income for the year
was down almost 10% to just over
$2m, while expenses soared 26% to
$5.2m, resulting in the $3.2m loss.
During the last year a new
“strategic investor group” has
started restructuring the company
and provided financing support,
which included the raising of around
$300,000 via share placements.
The changes have also seen a
board and management reshuffle,
while the company said it’s looking
at “new complementary business
and investment opportunities in the
medical/biotechnology sector”.
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