Elite remains optimistic about new Drax Hall location

Elite remains optimistic about new Drax Hall location

Business reporter

Friday, December 13, 2019

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Chief executive officer of Elite Diagnostic Limited Warren Chung says the biggest challenge the company faces at the new Drax Hall location in St Ann is doctors and consumers' confidence in the company, however, he remains optimistic that the branch's revenues will equal its expenses soon.

“Elite is more leaning towards branding its name, so now the strategy is two-fold — to approach the doctors and maintain our presence and [conduct] mass marketing to the public,” Chung told the Jamaica Observer.

“We will execute in our plan of exceptional patient care, excellent customer service, that's what we're all about and we're really focused on that. Once we put those in place with a fairly reasonable pricing, we're optimistic that we will do well,”.
Chung's optimism is driven by the branch's close proximity to the St Ann Bay Hospital and the need for a medical centre in the area.

The branch, which opened in September 2019, is the company's third and offers MRI, CT scan, ultrasound and X-ray along with doctor offices.

Elite Diagnostic's other two locations are in Kingston — Holborn Road and Liguanea.
For the financial year ending June 30, 2019, Elite achieved a net profit of $51.8 million, an improvement of $6.9 million over the corresponding period last year.

Meanwhile, revenue for the period under review amounted to $404.9 million, a $107.1 million improvement over the $297.8 million recorded in the previous corresponding period.

Total assets for the period under review grew to $664 million, a $72.2 million improvement over the $591.8 million recorded in the corresponding period in 2018.
“The combined number of machines, staff and locations we possess offer improved business continuity and the ability to manage overflow within the company instead of referring to the competition. This combination of solid performance and infrastructure investments allow us to compete now and will serve us well into the future as we grow market share and continue to innovate in the sector,” the company stated in its report to shareholders.

Earnings per share for the period under review ended at $0.15, an increase compared to the $0.14 recorded in the prior corresponding period.

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