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SINGAPORE: Raffles Medical Group has reported a 51 per cent drop in second-quarter net profit.
Net income for the three months ended June 30 came in at S$7.7 million, compared with S$15.8 million a year ago. The health services provider said this was because earnings in the same period last year were boosted by one-off gains.
Revenue growth in the second quarter was strong, climbing by 22.3 per cent to hit S$50.6 million.
The growth was mainly driven by numbers from its Hospital Services Division, which rose 24.1 per cent. Revenue from its Healthcare Services Division also saw an increase of 15.4 per cent on year.
Raffles Medical Group has been expanding its services to meet demand. One such area is alternative medicine.
Loo Choon Yong, executive chairman of Raffles Medical Group, said: "The alternative medicine is the way we expand our offerings to our patients, some of them need that. We will continue to develop more and more services that our patients need, we'll grow the whole value chain.
"Our clinics are growing, hospital is growing, insurance is growing, even our Japanese clinic is growing. All that holds well for the prospects of the group."
Raffles Medical Group caters to patients from over 100 countries. In the second quarter, its international patients increased by 25 per cent year-on-year.
With an increasing number of patients, from both Singapore and overseas, Raffles Hospital is looking to boost its current 200-bed capacity by some 10 per cent in the coming year. This would add another 20 to 30 beds. Last year, Raffles increased its bed numbers from 150 to 200.
Raffles Medical Group is proposing an interim dividend of one cent per share.
- CNA/ir
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