Divestment gain helps IHH double Q1 net profit

Singapore

THE gain from divestment in Apollo Hospitals helped double global healthcare provider IHH Healthcare Berhad's net profit for the first three months of the year.

Its first-quarter net profit rose to RM470 million (S$151 million), following a RM313.4 million gain from the group's divestment of a non-core 6.07 per cent stake in Apollo Hospitals.

The group had on May 18 sold off its remaining 4.78 per cent stake in Apollo for about RM551.1 million.

Stripping out exceptional items, net profit fell 15 per cent year-on-year to RM201.8 million, mainly due to incremental depreciation, amortisation and finance costs for…