RAFFLES Medical Group said on Monday that its net profit for the first quarter ended March 31, 2016, rose 3.7 per cent to S$15.53 million.
Revenue increased 23 per cent to S$116.86 million, thanks to strong performances from its healthcare services (up 36.3 per cent) and hospital services (up 15.2 per cent) divisions.
This, however, was offset by higher staff costs, inventories and consumables used, as well as operating lease and other operating expenses.
Said Raffles Medical Group: "The revenue growth was mainly driven by increased patient load, greater patient medical needs, higher revenue contributed by more specialist consultants as well as the newly acquired International SOS (MC Holdings) Pte Ltd and its subsidiaries (MCH)."
Excluding the revenue contribution from the newly-acquired MCH, the group's revenue would have grown by 11.6 per cent.
Earnings per share for Q1 2016 stood at 2.7 Singapore cents - higher than the 2.65 Singapore cents reported in Q1 2015.
No dividend was declared.
Looking ahead, the group said the more measured pace of economic growth in Singapore and the region "may have a dampening effect" on healthcare demand.
"However, the group has positioned itself well for the future with the opening of Raffles Holland V and its regional expansion through the MCH clinics. The group will continue to be vigilant and to proactively respond to new opportunities that may arise."