PETALING JAYA: IHH Healthcare Bhd posted a net profit of RM236.34 million in its third quarter ended Sept 30, 2019 (Q319) against a net loss of RM104.07 million reported in the corresponding period of the previous year due to growth from existing operations and the continuous ramp up of hospitals, contribution from increased capacity, as well as the absence of exceptional items.
For the period, the group reported a revenue of RM3.79 billion, a 33.4% increase from RM2.84 billion reported previously.
Excluding exceptional items, its profit after tax and minority interest (patmi) for Q319 decreased 35% to RM202.3 million attributed to higher net interest expense, foreign exchange losses and fair value losses on forward exchange contracts, as compared to gains recognised in Q318.
For the cumulative nine-month period, the group reported a net profit of RM510.85 million, a four-fold increase from RM118.27 million reported in the corresponding quarter of the previous year.
Revenue for the period stood at RM11.08 billion, a 32.6% increase from RM8.36 billion reported previously.
IHH CEO (designate) and executive director Dr Kelvin Loh said its focus on working towards its vision of becoming the world’s most trusted healthcare network underpinned another strong set of financial results for Q319, as the group prioritised operational synergies and integration.
“The proposed acquisition of Prince Court Medical Centre is set to enhance our leadership position in Malaysia. Our proactive stance to recalibrate our non-Lira loans in Acibadem has also reduced our exposure to currency volatility in Turkey,” he said in a statement.
“We are also excited with our progress in Greater China, where we just opened Gleneagles Chengdu. We continue to ramp up operations at Gleneagles Hong Kong where there is a demand to serve more patients.”
On its future prospect, IHH will further consolidate its multi-country portfolio strategy to diversify its earnings base in cashflow-generative markets such as Singapore and Malaysia, capture medium-term growth momentum from Turkey and long-term growth opportunities from India and Greater China.
The group will focus on ramping up its existing operations while opening new operations in phases to achieve optimal operating leverage.
It expects to mitigate the potential higher costs of operations including from impending price controls through improvements in case mix and tight cost control.
source https://www.thesundaily.my/business/ihh-back-in-black-with-rm23634m-net-profit-in-q319-CL1683343
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