Raffles Medical says the lower 3QFY2023 earnings were due to its exceptional performance in the year-earlier period when the group was providing pandemic-related services that have since been wound down. In addition, cost inflation had also chipped into its margins.
Raffles Medical Group has kept up the steady pace of share buybacks. The most recent acquisition was on Dec 11 when the company bought 200,000 shares at $1.07 each on the open market. This brings the total number of shares bought back under the current mandate to 5.4 million, equivalent to 0.2903% of the total share base.
The recent buybacks followed its 3QFY2023 ended September business update on Nov 6 when the company reported 67.4% lower y-o-y earnings of $12.4 million. Revenue in the same period was down 24.6% y-o-y to $161.6 million. This brings its 9MFY2023 earnings to $72.8 million, down 25.6% y-o-y, on the back of a 14.7% drop in revenue to $532.4 million.
