Raffles Medical Group 9M15 Net Profits Inches 2.1%

Raffles Medical Group announced a 9M15 net profit of $46.5 million, a slight improvement of 2.1 percent from the net profit of $45.8 million last year, attributed to an increase in revenue received.

Revenue saw an improvement of 7.7 percent to $295.8 million mainly due to higher contributions from hospital services and healthcare services. However the increase in revenue was partially offset by higher depreciation and operating lease expenses that was due to new and expanded operations at RafflesHospital and the newly opened RafflesMedicalCentre Orchard.

In the group’s expansion agenda, Raffles Holland V is currently on track to be completed in 1Q16. Approximately 9,000 square feet will be dedicated to the expansion of the group’s medical and specialist services to cater to both local and expatriate patients. The remaining commercial space will be leased to DBS and tenants offering specialty lifestyle, food and beverage and retail services.

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