IHH's Q3 profit down 53% on higher start-up costs

Singapore

HIGHER costs from the opening of Gleneagles Hong Kong Hospital and Acibadem Altunizade Hospital in Turkey as well as depreciation and amortisation put a dent on mainboard-listed IHH Healthcare Berhad's third quarter net profit.

In a filing to the bourse operator on Monday, the healthcare provider said net profit for the three months ended Sept 30, 2017, fell 53 per cent year-on-year to RM82.1 million (S$26.9 million), mainly due to higher expected start-up costs arising from the opening of the new hospitals. Excluding the exceptional items, net profit dropped 42 per cent to RM125.4 million.