Dr Loo Choon Yong, executive chairman of Raffles Medical Group, has bought shares from the market after his company reported another record set of earnings that beat the expectations of some analysts.
On Aug 1, Loo paid $1.18 each for 53,800 shares, bringing his direct stake to 200.5 million shares, equivalent to 10.824% - up from 10.821% earlier.
In addition, Loo has a deemed interest in another 783.8 million shares, giving him a total interest of 984.35 million shares, or 53.138%.
Earlier on Aug 1, Raffles Medical reported revenue of $382 million for 1HFY2022 ended June, up 11% y-o-y, as foreign patients returned. However, thanks to better margins, the company was able to report that earnings increased by 51% y-o-y to a record $60 million.
Local patients have also returned, choosing to undergo elective procedures previously held back because of the pandemic.
Raffles Medical for the better part of FY2021, enjoyed a lift from providing pandemic-related testing and vaccination services, which had since tapered off.
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Raffles Medical's shares closed on Aug 2 at $1.25, up 4.17% for the day but down 8.09% year to date.
