SINGAPORE: Cord blood and tissue banking service provider Cordlife Group posted a net profit of S$5.6 million for its fiscal second quarter, boosted by a one-time disposal gain of $2.7 million.
Excluding the disposal of its 10 per cent interest in China-based stem cell company, China Stem Cells (South) Company, Cordlife's underlying net profit grew over 50 per cent to S$3 million.
Revenue for the quarter rose 24 per cent to S$8.8 million.
Cordlife attributed the higher revenue largely to successful marketing efforts to educate expectant parents on the benefits of its cord blood banking services.
Going forward, the group is optimistic that it could benefit from policies to boost fertility and birth rates in Singapore.
The firm said the extension of Child Development Accounts, as well as the higher Baby Bonus, will allow more parents to afford to store their children's cord blood stem cells as an additional medical treatment alternative.
Jeremy Yee, executive director and CEO of Cordlife Group, said: "The Population White Paper was a very interesting one.
"What we look at, at the end of the day, is the fact that the government essentially is going to spur more investment by putting in more infrastructure in place so that the population can grow.
"More incentives have been given to parents to have more children. So all these are positives."
Cordlife's shares closed on Thursday almost 5 per cent higher at 66 cents.
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