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IHH Healthcare's 1Q earnings fall 88% to $19.2 mil on start-up costs and forex losses

Michelle Zhu
Michelle Zhu5/25/2018 05:31 PM GMT+08  • 3 min read
IHH Healthcare's 1Q earnings fall 88% to $19.2 mil on start-up costs and forex losses
SINGAPORE (May 25): IHH Healthcare saw its 1Q18 earnings ended March fall 88% to RM57.2 million ($19.2 million) from RM470 million in 1Q17 earnings due to start-up costs and the recognition of forex losses.  
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SINGAPORE (May 25): IHH Healthcare saw its 1Q18 earnings ended March fall 88% to RM57.2 million ($19.2 million) from RM470 million in 1Q17 earnings due to start-up costs and the recognition of forex losses.

Revenue for the quarter was up 6% to RM2.9 billion from RM2.7 billion in the previous year on the back of sustained organic growth from existing operations as well as the continuous ramp-up of the two new hospitals, namely Gleneagles Hong Kong Hospital and Acibadem Altunizade Hospital, which opened in 2017.

In particular, revenue from Parkway Pantai generally registered growth across all countries except for Singapore – the largest contributor in terms of revenue proportion for the Parkway Pantai chain of hospitals and medical centres – where a 4% decline in revenue was registered to result in Singapore contributions of RM921.5 million in 1Q18.

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