PETALING JAYA: TMC Life Sciences Bhd is targeting medical tourism to be a major contributor its revenue in the next three years as it seeks to become profitable, its chief executive officer Francis Lim Poon Thoo said.

He said on Friday, Sept 9 that the group targeted medical tourists to account for 30% of its patients within the three year timeframe. The expertise which TMC Life Sciences could offer to medical tourists would range from diagnosis to cardiac and orthopaedic.

Speaking to reporters after its AGM, he said TMC Life Sciences expected the 30% of the medical tourists to contribute to 40% of TMC’s revenue. At the moment, less than 5% of TMC’s patients are foreigners, he said.

To recap, for the two-months ended May 31, 2011, it posted net loss of RM3.12 million on the back of RM10.26 million in revenue. It changed the financial year from Dec 31 to May 31, 2011.

It had accumulated losses of RM15.89 million as at May 31, 2011. For the 17 month period ended May 31, 2011, it recorded net loss of RM35.01 million on the back of RM78.64 million in revenue.

The net losses of RM35.01 million during the 17-month period were mainly due to the intangible assets write-off of RM12 million.

Lim explained the impairments were not recurring while the cashflow was still positive.

Reference:http://sg.finance.yahoo.com/news/TMC-Life-Science-targets-tem-584676673.html