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Raffles Medical Q2 profit up 0.8% to S$16.9m

RAFFLES Medical Group recorded nearly flat growth in its net profit for its second quarter, while revenue stayed steady.

Net profit crept up 0.8 per cent to S$16.9 million from the previous year. For the three months ended June 30, revenue crept up 0.1 per cent to S$120.2 million from the preceding year, as revenue for its healthcare services division increased by 5.4 per cent, offset by a decrease of 2.3 per cent in the hospital services division.

"The increase in revenue from healthcare services division was contributed by the addition of new corporate clients, and anew contract, awarded by the Ministry of Health and Civil Aviation Authority of Singapore, to provide Air Borders screening services," it said.

"The decrease in revenue from the hospital services division this quarter was the result of softer than expected demand from the foreign patients, even though local patients registered a slight increase."

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Earnings per share dipped to 0.95 Singapore cent from 0.96 Singapore cent in the previous year. Net asset value per share crept up to 42.42 Singapore cents as at June 30, from 41.45 Singapore cents six months ago.

The group declared an interim dividend per share at 0.5 Singapore cent, the same as in the corresponding period in the preceding year. The dividend will be paid on Sept 6, 2018, it said.