The country's largest listed healthcare services company, which is majority owned by Watson, yesterday reported an unaudited net profit after tax of $671,000 for the six months to November 30.
"It's the start, and there will be more to come," said managing director Alan Clarke.
The result compared with an $842,000 lossfor the same period in the previous year.
Chairman Jim Syme said the company was on track for a full-year profit of $1.4 million, compared with losses of $2.8 million and $8.2 million in the previous two years as assets were written down.
The company's half-year revenue of $27.1 million was up 58 per cent on the same period last year.
Earnings before interest, tax, depreciation and amortisation were up 76 per cent at $4.2 million.
The company is transforming from a retirement village operator into a broader healthcare business operating in four sectors: aged care, rehabilitation, diagnostic and dental.
ElderCare said the diagnostic operation contributed most to the revenue growth.
The result included one month's revenue from Geddes Dental, a business acquired in November.
The company said it cut interest costs by partially repaying a convertible note held by Watson's Cullen Investments and sealing new banking arrangements with Westpac.
