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Religare Health Trust's Q1 profit jumps to S$12.3m
RELIGARE Health Trust (RHT) has posted a net profit of S$12.3 million for its first quarter FY2016, up 147 per cent from S$5 million in the corresponding quarter last year.
Total distributable income rose 7.8 per cent to S$15.4 million in Q1, as a result of the growth in operational revenue, coupled with lower trust expenses in the quarter, compared to Q1 FY2015 when there were some non-recurring expenses incurred for the establishment of an MTN programme and other professional fees.
Distribution per unit was up 7.4 per cent to 1.94 cents for the quarter.
Revenue, excluding straight lining and gain in connection with the acquisition of Mohali Clinical Establishment in Q1 FY2015, grew by 10.2 per cent to S$34.3 million.
"The growth was driven by the annual 3 per cent increase in base fee as well as the overall higher operating revenue recorded by our operator, Fortis Healthcare Limited (FHL), of which RHT has a share of 7.5 per cent. The increase in variable fee accounted for approximately 3.9 per cent of the 10.2 per cent increase in total revenue. Hospital income also contributed to the overall growth in total revenue with an increase of 36 per cent over the corresponding quarter in FY2015."
Net service fee and hospital income rose 1.3 per cent, in line with higher revenue.
This increase was offset by higher doctor charges arising from an expansion in the out-patient department of the various clinical establishments, as well as housekeeping expenses, said RHT.