Raffles Medical Group posts 10.3% rise in 3Q net profit on higher patient numbers

The Raffles Hospital on North Bridge Road. A rise in patient numbers gave Raffles Medical Group's earnings a shot in the arm in the third quarter of this year. -- ST FILE PHOTO: ALPHONSUS CHERN
The Raffles Hospital on North Bridge Road. A rise in patient numbers gave Raffles Medical Group's earnings a shot in the arm in the third quarter of this year. -- ST FILE PHOTO: ALPHONSUS CHERN

A rise in patient numbers gave Raffles Medical Group's earnings a shot in the arm in the third quarter of this year.

The group, which owns and operates of a network of hospitals and clinics here and in the region, reported a 10.3 per cent rise in net profit to $13.9 million for the three months ended Sept 30.

Revenue rose 8 per cent to $85.1 million, on the back of a higher patient load, it said on Monday. Better operating efficiences also boosted operating profits.

Demand for hospital services continued to be strong, while the group's clinics were given a boost from new corporate clients, Raffles said. It is refurbishing various hospital facilities and specialist clusters as well as opening new clinic branches in major shopping and population areas.

Earnings per share for the group were 2.51 cents for the third quarter this year, up from 2.31 cents a year ago.

Net asset value per share rose to 77.29 cents as at Sept 30, from 71.29 cents the same time last year.

The group said the healthcare landscape in Singapore and Asia "will remain competitive" with more hospitals being developed, while the "more measured pace of economic growth in China and Singapore may have a dampening effect on healthcare demand".

But it added that it would continue to be "responsive to new opportunities that may arise". Its directors expect the group to continue to grow for the rest of the year.