Hot stock: Raffles Medical falls 9.2% on profit drop
Mia Pei
SHARES of Raffles Medical Group dropped as much as 9.2 per cent in early trading on Monday (Nov 6), after the group reported that its third-quarter profit had fallen.
With 2.1 million shares changing hands as at 9.15 am, its share price dropped to S$1.09. The last time it was this low was on May 28, 2021.
As at 11.07 am, the counter was down 6.7 per cent, or S$0.08, at S$1.12 with 4.5 million shares transacted, making it the 16th most traded stock by volume on the Singapore Exchange.
The group updated on its Q3 financials before the day’s trading. Profit after tax for the quarter tumbled 67.4 per cent to S$12.4 million. This was attributed mainly to a discontinuation of Covid-19 activities and higher cost inflation.
At the same time, its revenue for the quarter was down 24.6 per cent to S$161.6 million.
While the business was hurt by high inflation and interest rates, the board noted that it expects the group to remain profitable for the rest of the financial year.
