Raffles Medical Q3 profit edges up 1%

Raffles Medical Group reported a 1 per cent rise in net profit for the third quarter.
Raffles Medical Group reported a 1 per cent rise in net profit for the third quarter.PHOTO: RAFFLES MEDICAL GROUP

SINGAPORE - Raffles Medical Group reported on Monday (Oct 30) a 1 per cent rise in net profit for the third quarter to S$16.4 million from S$16.2 million in the year-ago quarter.

Revenue inched up 0.3 per cent to S$119.6 million for the three months to Sept 30, 2017.

The company saw a 3.1 per cent rise in revenue from its hospital services division, contributed mainly by the increase in local patient load. But this was mostly offset by a 4.2 per cent drop in revenue from its healthcare services division on the back of lower renewal of international healthcare plans for expatriates.

Raffles Medical said it expects the group to remain profitable in 2017 based on the current economic outlook and barring unforeseen circumstances.

It expanded its network of clinics in 2017 with the opening of new branches at Changi Airport Terminal 4 and Transit 4 in the fourth quarter. Two new in-house clinics in Dover and Tampines were opened in August while Northpoint City re-opened in September after the mall's retrofitting.

With the planned opening of Raffles Hospital Extension by the fourth quarter this year, Raffles Hospital will have capacity to serve more patients and corporate clients, it said.

Overseas, the construction of Raffles Hospital Chongqing and Raffles Hospital Shanghai are progressing according to plan, said the company. These hospitals are targeted to be operational by the second half of 2018 and the second half of 2019 respectively.