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Raffles Medical Results Announcement
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katak88
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24-Feb-2009 21:48
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Business Times - 24 Feb 2009
Raffles Medical posts 33% rise in Q4 profit Q4 revenue also up 12%, reflecting the resilience of the healthcare sector By CHEN HUIFEN DESPITE fewer tourist arrivals and worsening economic conditions towards the end of last year, Raffles Medical Group has reported a 33 per cent year-on-year growth in fourth-quarter earnings to $9.5 million. Reflecting the resilience of the healthcare sector, the group said revenue for the three months ended Dec 31 rose 12 per cent to $51.4 million. 'The type of patients that come to Raffles Hospital are people who need curative services,' said executive chairman Loo Choon Yong. 'Aesthetic and discretionary services are a very small part of our business.' The Q4 performance took the group's full-year net profit to $31.5 million, a drop of 12 per cent. This was due to a $12.5 million fair value gain on an investment property in 2007. Excluding this gain, earnings would have jumped 35 per cent. All business segments grew to generate a 19 per cent increase in total revenue to $200.8 million in 2008. Revenue from hospital services went up 20.2 per cent to $127.8 million, while that from healthcare services - contributed by the group's network of clinics - rose 16.3 per cent to $81.1 million.
Even foreign patient load, excluding expatriates working in Singapore, went up 20 per cent, said the group, without giving an absolute figure. Foreign patients account for about a third of its business. Dr Loo said that he does not expect the same pace of business growth this year as the recession continues to unfold. 'This year, if we can even maintain 10 per cent growth over 2008, I think you can consider that we would be doing very well,' he said. Staff costs climbed 14.4 per cent last year to $98.3 million - but Dr Loo stressed that the group will keep the fixed-cost component as low as possible. More than 50 per cent of the group's specialists total compensation is variable. Basic earnings per share came to 6.10 cents, against 2007's 7.36 cents. Net asset value per share was 42.87 cents at end-2008, up from 38.98 cents at end-2007. The group is in a net cash position of $18 million. Including a final dividend of 1.5 cents per share, the total dividend payout for the year will be 2.5 cents a share. Shares of Raffles Medical Group rose one cent yesterday to close at 70.5 cents. |
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