An increase in local patient load and a new border screening contract were just the tonic for Raffles Medical Group in the first quarter.
Net profit rose 1.7 per cent to $15.81 million for the three months to March 31, while revenue advanced 4.6 per cent to $120.19 million. But 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 improved numbers were due in part to more patients seen in its Healthcare Services division and a new contract awarded by the Health Ministry and Civil Aviation Authority of Singapore to provide air border screening services.
Earnings per share came in unchanged from a year earlier at 0.89 cent, while net asset value per share was marginally up at 42.49 cents as of March 31, compared with 41.45 cents as of Dec 31 last year.
Raffles Medical noted that it has started a five-year partnership with the Health Ministry and the Agency for Integrated Care to provide "accessible and comprehensive family medicine" to the public.
It also said it was undertaking renovations to increase in-patient capacity and expand outpatient primary care centres.
AT A GLANCE
REVENUE: $120.2 million (+4.6%)
NET PROFIT: $15.8 million (+1.7%)
The opening of Raffles Hospital Chongqing is slated for the fourth quarter, while Raffles Hospital Shanghai in Pudong Qiantan is planned to open in the second half of next year.
Raffles Medical shares closed down two cents at $1.15 yesterday.