SINGAPORE - Raffles Medical Group said on Monday its first-quarter net profit rose 8 per cent from a year ago to $14.56 million, driven by higher revenue growth.
Revenue climbed 8 per cent to $87.6 million for the first three months of the year, boosted by more patients as the group's clinic network expanded and it secured more corporate contracts.
The Singapore-listed group also dealt with more healthcare insurance services and added more specialist consultants to its group practice, further lifting revenue, it said.
Raffles Medical remained in a strong cash position, with $98.3 million in its coffers as at March 31.
This was down $167.6 million from Dec 31's $265.9 million, due mainly to the acquisition of two properties - the Raffles Hospital extension and Raffles Holland Village.
The Raffles Hospital extension will add an additional 220,000 sq ft of floor area to the existing Raffles Hospital, while Raffles Holland Village will be a five-storey commercial building with 9,000 sq ft of floor space for medical and specialist services.
The group's earnings per share rose to 2.63 cents for the first quarter, from 2.47 cents the previous year.
Group net asset value per share increased to 88.11 cents as at March 31, up from 85.31 cents as at Dec 31 last year.
The more measured pace of economic growth in China and Singapore "may have a dampening effect on healthcare demand in general", the company said on Monday.
"However, the group is well positioned for the future given its recent investments in two new assets," its statement said.
Shares of Raffles Medical slipped one cent to $3.41 in the first hour of trading on Monday.