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Raffles Medical posts 14.1% drop in FY2019 earnings, but looks for novel measures to cope with Covid-19

Amala Balakrishner
Amala Balakrishner2/24/2020 12:24 PM GMT+08  • 3 min read
Raffles Medical posts 14.1% drop in FY2019 earnings, but looks for novel measures to cope with Covid-19
Raffles Medical is looking to remain profitable in 2020, barring unforeseen circumstances like the prolongation of the novel coronavirus outbreak
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SINGAPORE (Feb 24): Raffles Medical Group has posted a 14.1% drop in earnings to $58.1 million for FY2019 ended 31 December, from $67.7 million a year ago due to the start-up costs it incurred from the opening of Raffles Hospital Chongqing in January 2019.

This translates to earnings per share (EPS) of 3.32 cents for FY2019 on a fully diluted basis, compared to an EPS of 3.97 cents in FY2018.

This is in spite of a 6.7% increase in revenue to $522 million (from $489.1 million in FY2018), that comes from contributions in its healthcare and hospital services divisions. Income from its healthcare services was up 9% following an increase in corporate clients and a greater scope of services for insurance contracts. Meanwhile, its hospital services division grew 5.9% on higher patient load.

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