Raffles Medical Group on Monday reported a 1 percent growth in third-quarter net profit, as lower renewal rates for expatriate plans offset higher local patient loads at the hospitals.
Net profit attributable to owners of the company rose to S$16.4 million in the three months ended September 30 from S$16.2 million in the corresponding period last year.
Revenue for the quarter increased 0.3 percent to S$119.6 million in the quarter, the company said in a statement.
Revenue from Hospital Services division grew by 3.1 percent due to the increase in local patient load.
But the revenue from Healthcare Services division decreased 4.2 percent, hurt by lower renewal of international healthcare plans for expatriates.
RafflesMedical continued to expand its network of clinics in 2017 with the opening of new clinics at Changi Airport Terminal 4 and Transit 4 in the fourth quarter of 2017.
Two new in-house clinics in Dover and Tampines were opened in August 2017.
"Based on the current economic outlook and barring unforeseen circumstances, the directors expect the group to remain profitable in 2017," the company said in a statement.
Shares in Raffles Medical fell 1.7 percent to S$1.13 on the Singapore Exchange. The stock has lost 21 percent so far this year.