KUALA LUMPUR (May 28): IHH Healthcare Bhd fell as much as 4.79% to RM5.96 at mid-morning today, after it reported a net profit of RM57.24 million for its first quarter ended March 31, 2018 (1QFY18), 87.82% lower compared with RM470.05 million last year, due to foreign exchange losses, higher operating expenses and an absence of gain from disposal. 

In a filing with Bursa Malaysia on Friday (May 25), IHH said it had bagged RM313.4 million from the disposal of its 6.07% stake in Apollo Hospital Enterprise Ltd in 1QFY17. Excluding the one-off disposal, the decline in IHH’s 1QFY18 net profit would have been lower at 63.46%. 

Its quarterly revenue, however, grew 6.34% to RM2.85 billion, from RM2.68 billion in 1QFY17.

At 11.46am, the stock pared some of its losses and was down 27 sen or 4.31% to RM5.99, with 5.52 million shares traded, wiping out its market capitalisation of about RM2.22 billion to RM49.56 billion. It is also the second top loser on Bursa Malaysia.

IHH also announced on Friday that it had extended the acceptance period  to June 30, for its enhanced revised offer to acquire a stake in India’s Fortis Healthcare Ltd.

The terms of the revised IHH proposal and enhanced revised IHH proposal remain unchanged and fully valid and in force, IHH added.