Elite Diagnostic has delivered a strong fourth-quarter performance despite machinery downtime in late May into June, which cost the company more than $10 million.

For the fourth quarter ended June 30, 2022, revenue increased by $39 million to $175.7 million.

Net profit for the quarter was $13.9 million compared to $3.5 million in the same quarter last year. That’s an improvement of 397 per cent over the previous year.

This performance was achieved despite two units being out of service for a combined period of over five weeks, resulting in an income loss of over $10 million.

Nevertheless, Elite recorded steady income improvement, with special mention to the Drax Hall location, which the company said continues to grow month over month.

Elite installed a new MRI machine in June at the Old Hope Road location, with the setting of scan protocols and staff training continuing.

The unit was commissioned in July 2022, and is expected to have a very favourable impact on Elite’s performance.

Total assets were $917.9 million compared to $700.4 million in the previous period, an increase of 31 per cent, largely due to the installation of the new MRI machine.

In its financials for the quarter the company said it is fairly liquid and is in a strong financial state, with current assets exceeding current liability by over two times.

Elite Diagnostic commenced operations in August 2013. The company provides diagnostic imaging services, and was listed on the Jamaica Stock Exchange (JSE) Junior Market on February 20, 2018.