Raffles Medical Q2 profit edges higher, shares gain

Net profit after tax attributable to owners of the company increased to S$16.8 million in the three months ended June 30.

Raffles Medical
Raffles Medical website

Raffles Medical on Monday reported a 0.5 percent increase in the second-quarter net profit and said it expects the Group to remain profitable in 2017.

Net profit after tax attributable to owners of the company increased to S$16.8 million in the three months ended June 30 versus S$16.7 million last year.

Revenue edged up 1 percent to S$120.09 million from the previous year.

Hospital Services division recorded a revenue increase of 0.3 percent while the revenue of Healthcare Services division decreased marginally by 1.1 percent.

"Despite the economic slowdown and increasing competition from regional countries for foreign patients, the Group is prepared and ready to meet these challenging conditions," the company said in a statement.

RafflesMedical expanded its network of clinics in 2017 by opening a new clinic at Hillion Mall in the second quarter, the company said.

Changi Airport Terminal 4, Transit 4, and two new in-house clinics in Dover and Tampines respectively, are scheduled to open in the third quarter.

The company declared an interim ordinary dividend of 0.5 Singapore cents per ordinary share.

Shares in the company rose nearly 1 percent to S$1.285 at 0408 GMT on the Singapore Exchange.

Raffles Medical
Raffles Medical website

Raffles Medical on Monday reported a 0.5 percent increase in the second-quarter net profit and said it expects the Group to remain profitable in 2017.

Net profit after tax attributable to owners of the company increased to S$16.8 million in the three months ended June 30 versus S$16.7 million last year.

Revenue edged up 1 percent to S$120.09 million from the previous year.

Hospital Services division recorded a revenue increase of 0.3 percent while the revenue of Healthcare Services division decreased marginally by 1.1 percent.

"Despite the economic slowdown and increasing competition from regional countries for foreign patients, the Group is prepared and ready to meet these challenging conditions," the company said in a statement.

RafflesMedical expanded its network of clinics in 2017 by opening a new clinic at Hillion Mall in the second quarter, the company said.

Changi Airport Terminal 4, Transit 4, and two new in-house clinics in Dover and Tampines respectively, are scheduled to open in the third quarter.

The company declared an interim ordinary dividend of 0.5 Singapore cents per ordinary share.

Shares in the company rose nearly 1 percent to S$1.285 at 0408 GMT on the Singapore Exchange.

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