SINGAPORE - Mainboard-listed Raffles Medical Group reported a 2.9 per cent rise in net profit to $14.98 million for the first quarter ended March 31, 2015, as higher revenue from increased patient load was offset by higher staff costs and depreciation expenses.

Group revenue increased 8.5 per cent to $95.02 million on stronger contributions from both its healthcare and hospital services divisions, which were up 13.7 per cent and 6.2 per cent respectively.

Earnings per share for Q1 FY15 came edged up to 2.65 cents from 2.63 cents a year ago.

The company said "the more measured pace of economic growth in the region and Singapore may have a dampening effect on healthcare demand".

But it said the group was well positioned for the future with the planned completion of the Raffles Holland V and RafflesHospital Extension projects.

The company said RafflesHospital will continue to grow with the expansion of the cardiology, surgery, urology, ENT and cancer clusters and the introduction of bone marrow transplant services.

It also said the RafflesHospital extension began construction works in December 2014 and when completed in the first quarter of 2017, the integrated medical complex will offer significant scope for RafflesHospital's expansion and growth over the next 10 years.

Raffles Holland V is currently on track to be completed in the first quarter of 2016. Approximately 9,000 sq ft will be dedicated to the expansion of the Group's medical and specialist services to cater to both local and expatriate patients. The remaining commercial space will be leased to DBS Bank and other tenants offering specialty lifestyle, food and beverage and retail services.

The group is also opening a new multi-service centre at Shaw Centre in June 2015, and a new GP clinic at Eastpoint Mall.