Divestment gain helps IHH double Q1 net profit
Excluding exceptional items, net profit falls 15%, mainly due to depreciation, amortisation and finance costs for new hospitals
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…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Microsoft launches lightweight AI model
Gucci-owner Kering posts 10% drop in Q1 sales on sluggish Chinese demand
Hotel Properties prices 5-year notes at 5.1%
Apple to hold launch event on May 7, with new iPads expected
OUE Reit obtains S$600 million unsecured sustainability-linked loan
US: Wall St opens higher as more earnings roll in