IHH Healthcare slips into the red in Q4

Singapore

FOREIGN exchange losses due to its Turkish operations' foreign-denominated borrowings drove IHH Healthcare Bhd's fourth quarter into the red with a net loss of RM42.5 million (S$13.5 million) from a profit of RM415.8 million a year ago.

The headline losses by the healthcare stalwart stemmed from recognition of RM244.6 million forex losses at Acibadem Holdings which arose from the translation of its non-Turkish lira borrowings, impairment loss on its investment in Gleneagles Khubchandani Hospital in India and settlement of prior years' value-added tax claims and tax investigations relating to Acibadem's doctors.