Raffles Medical BSL has reported earnings of $59.9 million for the 1HFY2023 ended June 30, 0.5% higher than the earnings of $59.5 million in the corresponding period the year before.
Earnings per share (EPS) stood 0.3% higher y-o-y at 3.20 cents on a fully diluted basis.
Revenue fell by 9.5% y-o-y to $370.9 million due to fewer Covid-19-related activities. The healthcare services division, which included revenue from Covid-19 activities in the 1HFY2022 saw lower revenue while the group’s hospital services segment and China operations saw higher revenue due to the return of patients.
Staff and manpower expenditures fell by 17.3% y-o-y in line with the reduction in Covid-19 activities.
Profit from operating activities fell by 11.1% y-o-y to $76.7 million while profit for the period rose by 1.0% y-o-y to $60.4 million due to lower tax expenses and higher finance income.
No interim dividend was declared for the period.
As at June 30, cash and cash equivalents stood at $299.6 million.
Based on current conditions and barring unforeseen circumstances, the directors expect the group to remain profitable in FY2023.
“At Raffles, providing our patients with a seamlessly integrated healthcare experience is at the core of what we do. Our multi-disciplinary group practice model and core values of compassion, commitment, excellence, team-based care, and value will enable us to provide consistent, professional, and compassionate care to more people in Singapore and the region,” says Dr Loo Choon Yong, executive chairman of Raffles Medical Group.
Shares in Raffles Medical Group closed flat at $1.34 on July 28.
