IBTimes UK

First quarter net profits for Raffles Medical Group rose 3.7 percent to S$15.53 million, the company said on Monday.

Overall revenues for Raffles, the largest private medical group in Singapore, were up 23 percent at S$116.9 million for the first quarter ended March 31, 2016.

Strong performances in its healthcare services and hospital services divisions propped up the results, which were within expectations.

"The revenue growth was mainly driven by increased patient load, greater patient medical needs, higher revenue contributed by more specialist consultants as well as the newly acquired International SOS (MC Holdings) Pte Ltd and its subsidiaries (MCH)," Raffles said in a statement.

The company did not announce any dividend after reporting earnings per share of at 2.7 Singapore cents for the first quarter.

Raffles said higher staff costs put pressure on the balance sheet in the first quarter, which is traditionally a slow growth season.

"The increase in staff costs was mainly due to the recruitment of more specialist consultants and staff in preparation for manning more facilities as well as increased staff costs at MCH."

Earlier this year, the company said it recorded revenue of S$410.5 million for the full year 2015, an increase of 9.6 percent from S$374.6 million in 2014.

Raffles, which started off as a two-clinic practice in 1976, said net profits grew 2.4 percent from S$67.6 million in 2014 to S$69.3 million in 2015.

The company said in a statement it has positioned itself well for the future with the opening of Raffles Holland V and its regional expansion through the MCH clinics.