SINGAPORE (Apr 30): Raffles Medical Group posts a 1.7% increase in earnings to $15.8 million for the 1Q ended March, from $15.5 million a year ago.
1Q18 revenue grew 4.6% to $120.2 million, from $114.9 million a year ago, as revenue from its Healthcare Services division and its Hospital Services division grew by 6.8% and 4.2%, respectively.
Increase in revenue from the Healthcare Services division was mainly due to an increase in local patient load as well as a new contract for air borders screening services, while the growth in revenue from the Hospital Services division was contributed mainly by an increase in local patients.
The higher revenue was partially offset by higher expenditure in inventories, depreciation and staff costs due to the expansion of medical centres and beds to meet growing patients’ demands.
As at end March, cash and cash equivalents stood at $94.0 million.
Looking ahead, Raffles Medical says the group is expected to grow and remain profitable in 2018.
The group says it stays on track to the opening of RafflesHospital Chongqing in 4Q18 and RafflesHospital Shanghai in 2H19.
Shares of Raffles Medical last closed at $1.17 on Friday.
