Raffles Medical posts 4% rise in Q3 net profit

RAFFLES Medical Group said on Monday that its net profit for the third quarter ended Sept 30, 2016 rose 4 per cent to S$16.2 million, from S$15.6 million a year ago.

Revenue was up 17.5 per cent to S$119.3 million, from S$101.5 million, driven by higher patient load from its clinic network as well as its newly acquired International SOS (MC Holdings) and its subsidiaries.

The strong revenue growth was partially offset by the higher staff costs as the medical group expanded its operations. Raffles Medical saw a 23 per cent jump in staff costs to S$61.4 million as it hired more doctors, specialists, nurses and ancillary staff.

Despite the weaker economic outlook, Raffles Medical expects to continue growing for the rest of the year and to remain profitable.