SINGAPORE (Oct 30): Raffles Medical Group (RMG) announced that 3Q17 earnings increased 1.0% to $16.4 million compared to $16.2 million in 3Q16.
Revenue for the third quarter ended September saw a slight 0.3% increase to $119.6 million compared to $119.3 million the same period last year.
This was due to the growth in revenue from the hospital services division of 3.1%, due mainly to by the increase in local patient load.
However, this was offset by a decrease in revenue from Healthcare Services division of 4.2% due to lower renewal of international healthcare plans for expatriates.
Staff costs for 3Q17 saw an increase of 2.1% to $62.6 million compared to $61.4 million in 3Q16.
As at Sept 30, the group’s cash and cash equivalents stood at $114.9 million.
Despite the economic slowdown and increasing competition from regional countries for foreign patients, the group says that it is prepared and ready to meet these challenging conditions. It will also continue to be vigilant and respond to new opportunities that may arise.
Based on the current economic outlook and barring unforeseen circumstances, the directors of the group expect to remain profitable in 2017.
Year to date, shares in RMG are down 19.6% to $1.15 on Friday.
