Raffles Medical Q1 profit falls 13.7% on Chongqing hospital startup costs

Singapore

RAFFLES Medical Group on Monday morning reported a 13.7 per cent drop in its first-quarter net profit to S$13.6 million from S$15.8 million a year ago, due to startup costs for Raffles Hospital Chongqing.

The group's revenue for the three months ended March 31 increased 6.7 per cent year on year to S$128.3 million.

Revenue for the healthcare services division grew 8.9 per cent, mainly because of an increase in premiums from existing and new insu…