Raffles Medical Q3 profit up marginally to S$16.41m

RAFFLES Medical Group reported profit of S$16.41 million for its third fiscal quarter, inching up 0.1 per cent from the previous corresponding quarter.

Revenue also crept up 1.2 per cent to S$121.04 million from S$119.6 million. Its healthcare services division recorded a rise in revenue of 8 per cent, while the revenue from hospital services division fell 3.8 per cent.

Earnings per share eased to 0.91 Singapore cent for the third quarter, compared with 0.93 Singapore cent for the same quarter last year.

The increase in revenue from Raffles Medical's healthcare services division was helped by the addition of new corporate clients and the new contract to provide Air Borders screening services, while the dip in revenue from the hospital services division in Q3 2018 was due in part to the refurbishment of the current inpatient facilities, the group said.

Raffles Hospital opened a new inpatient ward this quarter catering to the needs of patients under the Emergency Care Collaboration with the Ministry of Health, Raffles Medical said.

Meanwhile, continuing renovation works will add more inpatient facilities in the next quarter to support the group's growth strategies for the coming year.

Based on the current economic conditions and barring unforeseen circumstances, Raffles Medical's directors expect the group to "grow and remain profitable" in 2018.

The counter ended trading on Friday at S$1.07, up 1.9 per cent.