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Healthcare provider HMI posts RM1.57m Q3 loss due to acquisition costs
HEALTH Management International (HMI) marked a net loss of RM1.57 million (S$508,730) for the fiscal third quarter ended March 31, from a net profit of RM8.67 million a year ago, amid higher administrative costs relating to some acquisitions.
The private healthcare provider's turnover for the three-month period increased by 7 per cent to RM107.7 million, with the turnover from healthcare business accounting for RM5.4 million of the increase mainly due to higher patient load and average bill sizes at its two hospitals, Mahkota Medical Centre Sdn Bhd (MCSB) and Regency Specialist Hospital Sdn Bhd (RSHSB).
HMI had undertaken a consolidation of its 48.9 per cent owned MCSB and 60.8 per cent owned RSHSB to 100 per cent each to create an enlarged listed healthcare platform.
To cope with growing patient load, both Mahkota and Regency continue to work on their respective upgrading and expansion plans. At Regency, the planned construction of a new hospital extension is expected to start in the second half of 2017, pending necessary approvals, HMI said.