SINGAPORE - Raffles Medical Group announced on Monday that its net profit for the full year ended 2014 fell 20.3 per cent, from $84.9 million to $67.6 million. This is despite revenue rising 9.9 per cent to a record $374.6 million from $341.0 million for 2013.
Raffles said all divisions of the group contributed to the increase, with revenue from health care and hospital services increasing by 12.5 and 8.4 per cent, respectively. This was driven by the higher patient load from the expanding clinic network, and by the addition of more specialist consultants, it said.
Excluding the gain of $20.4 million in 2013 arising from the disposal of a subsidiary, which held the property at 30 Bideford Road, and the fair value gain on investment properties, the group's profit before tax grew by 10.3 per cent from $71.0 million in 2013 to $78.3 million in 2014.
Profit after tax, excluding exceptional items, increased by 6.5 per cent from $61.0 million to $65.0 million year on year.
A final dividend of 4 cents per share has been recommended. Including the interim dividend of 1.5 cents per share paid in August 2014, the total dividends for the financial year ended Dec 2014 increased by 0.5 cent (10 per cent) to 5.5 cents per share.