Cordlife

Cordlife: 1QFY14 net profit shot up 210% y/y to $8.7m. The bottom line was mainly boosted by a $3.1m fair value gain and a $6.2m gain on transfer of investment in associate to a long-term financial asset. Both one-off items are derived from China Cord Blood Corporation (CCBC), which the group no longer regards its investment in CCBC as an associate, after Yee Pinh Jeremy stepped down from CCBC's board of directors. Revenue surged 31% to $11.3m on the back of a 63% increase in client deliveries to 3,500, after the group acquired the Philippines and Indian subsidiaries in Jun '13. Gross profit margin dipped 1.3ppts to 69.2%. Going forward, Cordlife is riding on the growth story of emerging Asian nations by expanding its geographical footprint for cord blood and tissue banking business, as well as new products catering to the mother and child segment.