Company Briefs: Raffles Medical Group

Raffles Medical Group

Raffles Medical Group's net profit for the third quarter was 16.9 per cent lower at $13.6 million, versus $16.4 million a year ago, as it continues to absorb the start-up costs for its Chongqing hospital.

For the three months ended Sept 30, earnings per share was 0.75 Singapore cent, down from 0.91 cent. Revenue rose 7.8 per cent to $130.5 million from about $121 million for the year-ago period following a 9.5 per cent increase in healthcare services revenue, and a 7 per cent increase in hospital services revenue.

The increase in healthcare services revenue was due to Raffles Medical securing more insurance contracts and corporate clients, while growth in revenue from hospital services was contributed by increased patient load, said the group.

No dividend was declared for the quarter, unchanged from a year ago.

The group said it has a healthy cash position of $116.9 million as of Sept 30 this year.

Ascendas Hospitality Trust

Ascendas Hospitality Trust (A-HTrust) posted higher gross revenue for the second quarter ended last month. But its distribution per stapled security (DPS) declined, mainly because there was an absence of divestment.

Its gross revenue stood at $47.48 million, 2.4 per cent higher than the $46.37 million for the year-ago period. And net property income was 3.5 per cent higher year on year, having risen from $20.46 million to $21.17 million. This was mainly due to the contribution from the three WBF-branded hotels in Japan and ibis Ambassador Seoul Insadong in South Korea which were acquired between September and December last year.

The increase was partially offset by the weaker performance of the Australia portfolio, and further exacerbated by the weaker Australian dollar and South Korean won against the Singapore dollar, A-HTrust said yesterday.

Income available for distribution, having taken into account working capital, was $15.72 million, 5.1 per cent lower than the $16.57 million a year ago.

DPS was 1.38 Singapore cents, lower than the 1.46 cents for the corresponding period a year ago. This was mainly due to the absence of partial distribution of the partial proceeds from divestment of $1.7 million made in the corresponding quarter last year.

DPS will be paid on Dec 4.

Overall gearing ratio as of Sept 30 was 33.8 per cent, with the average interest rate for the quarter at 1.8 per cent and over 80 per cent of the borrowings on fixed rates. The weighted average debt maturity as of Sept 30 is 3.3 years.

A version of this article appeared in the print edition of The Straits Times on October 30, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe