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Harmonicare (01509) sees annual profit to decrease 70%
Harmonicare Medical (01509) said it expects the
profit for the year ended 31 December 2017 will record about 70% decrease as compared to 
the profit for the previous financial year.
  Such expected decline is mainly attributable to a decrease in the income and gross 
profit from some of Harmonicare's hospitals as compared to those during 2016; an exchange
loss recorded during 2017 due to the depreciating exchange rate of the US dollar and Hong
Kong dollar against Renminbi, leading to a relatively large exchange loss from the 
retranslation of the deposits denominated in US dollar and Hong Kong dollar (at the rates
prevailing at the end of 2017) generated from the proceeds of the company's initial public
offering in July 2015 which remained unutilized (whereas an exchange gain was recorded in
2016); and an increase in administrative expenses as compared to those of 2016 resulting 
from the mergers and acquisitions as well as construction of new hospitals during 2017.
  Its annual results announcement is expected to be published next month. 

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