China-based oncology service provider Concord Medical has posted a net loss of CNY91m ($12.5m) attributable to its ordinary shareholders for the first half of this year.

The figure represents a decrease from the CNY114.7m loss reported by the company for the same period of last year.

Concord Medical's total net revenues for the six months to 30 June were CNY284.51m, up by 97.2% from CNY144.26m a year earlier.

The company's hospital and network divisions contributed CNY158.7m and CNY125.8m respectively to the total revenues.

Concord Medical attributed the rise in revenues to the development of Guangzhou Hospital and the rebound of its three medical institutions in Shanghai from the impact of Covid-19.

The company’s selling expenses fell by 0.18% to CNY26.36m in H1 2023 from CNY26.41m a year ago, while its general and administrative expenses rose 15.15% to CNY150.24m from CNY130.46m.

Concord Medical's bank loans and other borrowings amounted to CNY3bn as of the end of June this year.

Its adjusted EBITDA was a negative CNY148.4m, against a negative CNY194.3m in H1 2022.

Concord Medical chairman and CEO Dr Jianyu Yang said: “Concord Medical has delivered an outstanding performance in the first half of 2023, with both its hospital business and network business achieving nearly 100% growth in terms of revenue.

“Although the hospital business is still in its ramp-up period, its profitability is expected to improve as revenue gradually increases.

“On the other hand, Concord Medical's flagship hospital, Guangzhou Concord Cancer Center, has completed the patient treatment clinical trials for its proton therapy equipment for the upcoming official launch of the proton centre.

“Our network business is currently on track, and we will expedite the completion of existing orders while executing our market expansion plan as scheduled.

“We are confident that Concord Medical will continue to deliver great performance throughout 2023.”