SINGAPORE - Raffles Medical Group's net profit grew by 1.7 per cent to S$15.81 million for the first quarter of 2018, helped by an increase in local patient load as well as a new border screening contract.

However, profit was offset by higher expenditure in inventories, depreciation and staff costs due to the expansion of medical centres and beds to meet growing patient needs.

The group clocked a 4.6 per cent rise in revenue to S$120.19 million, attributed partly to an increase in local patient load in its Healthcare Services division, and being awarded a new contract by the Ministry of Health (MOH) and Civil Aviation Authority of Singapore to provide air borders screening services.

Earnings per share came in unchanged from the previous year-ago quarter at 0.89 Singapore cent, while net asset value per ordinary share was marginally at 42.49 Singapore cents as at end-March compared to 41.45 Singapore cents as at end-2017.

Raffles Medical highlighted that it has started a five-year partnership with MOH and the Agency for Integrated Care (AIC) from Jan 1 through three primary care network (PCN) clusters around Singapore to provide "accessible and comprehensive family medicine" to the public. It also said Raffles Hospital is currently undergoing refurbishment to increase inpatient capacity and expand outpatient primary care centres.

Looking ahead, the opening of Raffles Hospital Chongqing is slated for Q4 this year, while Raffles Hospital Shanghai, in Pudong Qiantan, is planned for opening in the second half of 2019.

Raffles Medical expects to remain profitable in 2018.