Gwest Corporation said it will begin offering surgeries at its medical centre in Fairview, St James by year-end.
The new surgery centre consists of two major operating rooms, a minor operating room, recovery rooms and an observation in-patient facility.
“During the period, we completed the buildout of our surgery centre and overnight in-patient facility, which is expected to become operational within the third quarter of our financial year,” said GWest in its outlook notice to the market.
The opening of the surgery centre comes as revenue at the overall complex grew by one-third in the quarter. Additionally, losses were reduced by two-thirds.
“The results demonstrate encouraging signs and the hope for continued improvement for the future,” Gwest said.
GWest’s revenue grew $42 million in the quarter, which accounted for the bulk of six months revenue haul of $55.3 million in the 2021 year. This compares with year-earlier revenue of $31 million in the quarter and $43 million over six months.
“The increase in revenue is mainly attributable to the increase in income from patient fees resulting from increased patient count,” Gwest said in notes accompanying the financial results.
The company has traditionally made losses as its revenue from rentals underperforms the costs associated with operations. Management now states that more entities are enquiring about renting empty offices at the complex.
The accumulated deficit at the company was reduced from $100 million in September 2020 to $62 million in September 2021.
GWest has total assets of $1.7 billion at September 2021 compared to $1.6 billion in September 2020.