Miricor Announces FY2017/2018 First Quarterly Results

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Friday, 11 August 2017, 10:08 HKT/SGT

Profit Soared 38% to HK$6.9 Million;
Strategically Expands and Broadens Customer Base to Fuel Sustainable Growth

HONG KONG, Aug 11, 2017 - (ACN Newswire) - Miricor Enterprises Holdings Limited ("Miricor" or the "Group", stock code: 8358), a medical aesthetic service provider in Hong Kong, has today announced its unaudited first quarter financial results for FY2017/2018.

Despite the tough operating environment, the Group has successfully advanced its competitive strengths and leveraged its solid customer base in the new financial year. For the three months ended 30 June 2017 (the "Period Under Review"), profit surged to HK$6.9 million, increasing by 38%, when compared with the corresponding period of 2016. Revenue for the Period Under Review amounted to approximately HK$30.1 million, strongly increasing by 25.4%, when compared with the corresponding period of 2016. The increase was primarily attributable to the introduction of two new facial and body treatments and the active promotional campaigns mounted on various social media platforms, which evidently improved consumer awareness of the "CosMax" brand, enabling the Group to secure notably more new customers.

During the Period Under Review, treatment services brought in a revenue of HK$26.8 million, increasing by approximately 23.5% compared with the corresponding period of 2016. The sector remained as the top contributor, representing 89.0% of the Group's total revenue.

The demand for medical aesthetic services has increased in recent years, since the market is expanding and there are growing consumer acceptance and affordability of such services. Consumers are expected to further seek quality and prestigious medical aesthetic services. To capture the opportunity created by rising customer demand and facilitate continuous growth of its business, the Group strives to provide quality service and with a capability above the industry standard. It has expanded the operation scale of its Causeway Bay centre by leasing an additional floor of space in the same building. The Group is determined to further penetrate the market through leveraging its current high customer loyalty and reaching out to new clients. This strategic initiative is intended to drive the sustainable growth of the Group in the long term.

Looking to the future, the Group is also continuing with the plan to set up the new center in Tsim Sha Tsui and will continue to broaden its treatment services and product offerings. It will continuously upgrade existing services, including sourcing advanced and prominent treatment devices, as well as introducing new skin care products and brands. Besides, the Group is committed to ensuring employee professionalism and excellence and is dedicated to attracting and retaining experienced employees by providing them with training and professional development opportunities and assistance. Based on its commitment and sound reputation, the Group is positive about the prospects for its future development in the long term.

About Miricor Enterprises Holdings Limited (Stock Code: 8358)
Miricor Enterprises Holdings Limited is a medical aesthetic service provider in Hong Kong. It operates two 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
Rachel Wong (852) 2864 4873 rachel.wong@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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