Raffles Medical Group earnings up 15.9% to $14.4m

Raffles Medical Group's earnings for the second quarter were lifted by an increase in turnover from its hospital and healthcare services segments, the group said on Monday.

Raffles registered a net profit of $14.4 million for the three months ended June 30, rising 15.9 per cent from the corresponding period last year.

"The recruitment of more specialists, coupled with higher patient acuity, continued to expand the depth and breadth of medical services provided by the group, contributing to the better performace," it said.

"Hospital services and healthcare services divisions registered growth of 16.8 per cent and 6.5 per cent respectively."

Revenue was also up 12.9 per cent to $86.8 million for the quarter, from $76.9 million for the same period a year ago.

Earnings per share for the quarter rose to 2.63 cents, up from 2.31 cents the previous year.

Net asset value improved to 75.66 cents, compared with 71.29 cents as of Dec 31.

The group declared an interim dividend of one cent per share, which is scheduled to be paid on Aug 29.

Raffles also announced that it is working on plans to extend the premises of its RafflesHospital at North Bridge Road, and construction is expected to be completed in early 2016.