SINGAPORE (Feb 26): Raffles Medical Group reported a 0.8% rise in FY17 earnings to $70.8 million from $70.2 million a year ago.
Revenue for the 12 months ended Dec also rose by 0.8% to $477.6 million from a year ago.
Revenue from Hospital Services division and Investment Holdings grew by 2.3% and 21.1% respectively, while revenue from Healthcare Services division decreased 1.6%.
The growth in revenue from the Hospital Services division was contributed mainly by the increase in Singapore patient load.
Revenue from Healthcare Services division decreased due to lower renewal of international healthcare plans for expatriates.
The strong growth in revenue from Investment Holdings was contributed by higher income from the fully leased space at Raffles Holland V.
Other operating income increased 8.6% to $3.8 million.
Inventories and consumables used rose 5.5% to $55 million and staff costs increased 2.4% to $247.6 million. Purchased and contracted services however fell 2.1% to $39.6 million.
The board is recommending a final dividend of 1.75 cents, on top of the interim dividend of 0.5 cent declared earlier.
Raffles Medical has started a five-year partnership with the Ministry of Health and the Agency for Integrated Care (AIC) from Jan 1 2018 through three Primary Care Network1(PCN) clusters around Singapore to better manage chronic conditions of Singaporeans and Permanent Residents.
Construction of RafflesHospital Chongqing and procurement of equipment are progressing according to plans while RafflesHospital Shanghai, in Pudong Qiantan, is planned for opening in the second half of next year.
In its outlook, Raffles Medical says it expects to grow and remain profitable for 2018.
The counter closed at $1.10 on Friday.
