IHH Healthcare posts 9 per cent rise in fourth-quarter net profit

IHH Healthcare's Net profit for the three months to June 30 rose 9 per cent.
IHH Healthcare's Net profit for the three months to June 30 rose 9 per cent.PHOTO: IHH HEALTHCARE

SINGAPORE - Healthcare group IHH Healthcare on Wednesday posted a solid set of second-quarter results, driven by higher turnover across its home markets.

Net profit for the three months to June 30 rose 9 per cent to RM228.1 million (S$75.6 million), up from the RM209.1 million in the same period a year ago.

Revenue jumped 12 per cent to RM2.09 billion on the back of higher revenue recorded across Malaysia, Singapore and Turkey, as well as continued organic growth and the contribution from recently opened hospitals, said the group in a statement.

The new hospitals include Acibadem Atakent Hospital in Turkey and Pantai Hospital Manjung in Malaysia, both of which opened in 2014, as well as Gleneagles Kota Kinabalu in East Malaysia, which opened recently in May this year.

Net profit for the half year was up 9 per cent to RM399.6 million, while revenue grew 13 per cent to RM4.1 billion.

The group's largest operating subsidiary Parkway Pantai continued to be the largest contributor to its overall revenue for the quarter, with turnover rising 17 per cent to RM1.29 billion.

Dr Tan See Leng, IHH managing director and chief executive, said: "Our singular focus on providing quality healthcare, prioritising patient's clinical outcomes, improving operational efficiency, precise execution and sustaining growth has translated into robust financial performance for the group."

He added that the group's successful completion of the acquisition of Continental Hospitals in India has further widened its footprint in that key market.

"We will continue to explore opportunities in key high growth markets while keeping a firm hand on our diversified operations and pipeline of beds coming onstream."

tsjwoo@sph.com.sg