Miricor Announces FY2017/2018 Annual Results; Records Net Profit of HK$26.5 Million

Thursday, 31 May 2018, 22:28 HKT/SGT

Strategic Expansion Intended to Grasp Increasing Opportunities

HONG KONG, May 31, 2018 - (ACN Newswire) - Miricor Enterprises Holdings Limited ("Miricor" or the "Group", stock code: 8358), a medical aesthetic services provider in Hong Kong, has today announced its annual results for FY2017/2018.

The Group recorded revenue of approximately HK$127.2 million for the year ended 31 March 2018 (the "Year under Review"), increasing by 27.1% when compared with the year ended 31 March 2017. The rise was primarily attributable to the increase in different marketing channels, such as the telemarketing strategy and active promotional campaigns on various social media platforms, which raised consumer awareness of the "CosMax" brand, and secured more customers. Profit for the Year under Review surged 265 times to HK$26.5 million when compared with last year. It was mainly due to the absence of one-off listing expenses of approximately HK$14.9 million and the forfeited rental-related deposits of HK$2.9 million incurred last year. During the Year under Review, treatment services were the main contributor to the Group's revenue. This sector has generated revenue of HK$112.8 million, increasing by approximately 25.3% over the corresponding period of 2017.

The Group has recently entered into a lease agreement to open a new medical aesthetic centre at Harbour City, Tsim Sha Tsui. Harbour City is a large-scale shopping complex at a prime location in Kowloon with a high pedestrian flow. The new outlet is to be the Group's first medical aesthetic centre on Kowloon side. The Group is confident that the new centre will attract more customers and effectively cope with the rising customer traffic. Meanwhile, the Group has also decided to move its two Causeway Bay Centres in Soundwill Plaza into a duplex unit in the same building. The Group believes this centre will allow better allocation of resources and reap operational synergies.

The Group has also dedicated unceasing efforts in advancing its product offerings and services. As at 31 March 2018, the Group had 93 treatment modules within which it could perform a range of treatment procedures. During the Year under Review, new treatments including PicoPlus, Ultra Deep, BioEnergetic Therapy and Juvederm Volite were introduced to provide advanced skin and body refinement. Moreover, the Group expanded its "Cospeutic" and "CosMax" product lines, by launching17 and 4 new skincare products respectively during the Year under Review.

The Group believes its recent expansion plan will effectively serve the rising demand for its services and enhance its market share. The Group will also take advantage of its enlarged geographical presence to attract new and more diverse customers. The Group will continue to apply its strengths, build on its solid customer base and good brand reputation to deliver stable business development and generate lucrative returns for shareholders.

About Miricor Enterprises Holdings Limited (Stock Code: 8358)
Miricor Enterprises Holdings Limited is a medical aesthetic service provider in Hong Kong. It currently operates three medical aesthetics centres in the prime locations of Causeway Bay and Central under its brand "CosMax". Miricor offers a broad range of non-surgical medical aesthetic services and skin care products to clients with an aim to improve clients' skin condition as well as to enhance their physical appearance. It provides solutions that are tailored for clients' individual needs and treatments are performed by its doctors and/or trained therapists. Miricor has been added as a constituent stock of Morgan Stanley Capital International ("MSCI") Hong Kong Micro Cap Index in June 2017. For more information about Miricor, please visit: www.miricor.com.

Media enquiries:
Strategic Financial Relations Limited
Vicky Lee (852) 2864 4834 vicky.lee@sprg.com.hk
Beverly Chiu (852) 2114 4329 beverly.chiu@sprg.com.hk
Fax: (852) 2527 1196
Website: www.sprg.com.hk

Topic: Press release summary Sectors: Daily Finance, Daily News
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