Raffles Medical net profit up 49% at $84.9m

RAFFLES Medical Group's (RMG) net profit for the 12 months ended Dec 31, 2013 surged 49.3 per cent to $84.89 million, boosted by higher revenue and a gain on disposal of a subsidiary.

Revenue increased 9.4 per cent to $340.99 million as revenue from its hospital services and its healthcare services grew 12.4 per cent and 6.2 per cent, respectively. These were on the back of higher patient loads and greater patient acuity, more specialist consultants, increased contributions from overseas operations, as well as provision of more healthcare insurance services.

Revenue from investment holdings fell as the tenancy leases for Thong Sia Building at Bideford Road were progressively ended ahead of the disposal of the group's subsidiary, Raffles Medical Management (RMM), now known as Orchard Investment Holdings, on Oct 31.