Raffles Medical Group has posted a 1HFY2024 ended June patmi of $30.6 million, down 48.8% y-o-y compared to the previous corresponding period.
Revenue was also down by 1.4% y-o-y to $365.7 million. The lower revenue and patmi was due to the cessation of Covid-19 activities, which discontinued progressively in 1H2023.
Earnings per share for 1HFY2024 stood at 1.62 cents, 49.4% lower than the 3.20 cents recorded in 1HFY2023.
The company’s core hospital services division registered a revenue of $167.6 million and profit of $14.3 million. This was 4.5% and 65% higher y-o-y respectively, with improved operating leverages.
Its healthcare services division registered lower revenue and profitability of $141.3 million and $27.6 million respectively in 1H 2024 after the cessation of COVID-19 services.
Raffles Health Insurance’s (RHI) revenue grew by 28.9% to $86.2 million for 1HFY2024. Consistent with industry trends, RHI experienced higher claims and registered a higher loss ratio during the period. Operating loss was $6.4 million as compared to $1.3 million that was reported in 1HFY2023.
See also: IHH Healthcare’s 3QFY2024 patmi remains flat at RM534 mil
Raffles Medical’s balance sheet stood at $316.3 million in cash and cash equivalents as at June 30.
Shares in Raffles Medical closed 1 cent higher or 1% up on July 26 at $1.02.
