Pacific Healthcare

Pacific Healthcare: continued to incur losses of $1.1m for 2Q14 stripping $1.6m gain on disposal of subsidiary. Top line revenue declined 4.3% to $13.7m. Losses incurred were $1m less losses than 2Q13 because of $1.1m reduction in employee benefits expense. In 3Q14, PHH added sports medicine to its operations, and its recently acquired stakes in two nursing homes are said to have started contributing positively to earnings. NAVPS increased from 0.08 cents to 0.80 cents due to non-recurrent FX translation gains and gain on disposal of China subsidiary. P/BV is 6.75x