Raffles Medical H1 profit rises 0.5% to S$59.9 million; chairman says will consider M&A

RAFFLES Medical Group posted a 0.5 per cent rise in net profit to S$59.9 million for its first half ended Jun 30, from S$59.5 million in the previous corresponding period.

The growth in profit came despite a 9.5 per cent decline in revenue – to S$370.9 million from S$409.7 million in the year-ago period.

Manpower costs fell alongside Covid-related activities, the private healthcare provider said on Monday (Jul 31). The group also recorded a year-on-year fall in net reinsurance expenses, and a smaller impairment loss on trade receivables.