KUALA LUMPUR (Nov 26): IHH Healthcare Bhd’s net profit dropped 19.34% in its third quarter ended Sept 30, 2015 (3QFY15) to RM118.49 million or 1.44 sen per share, from RM146.91 million or 1.8 sen per share in the same period last year, due to unrealised foreign exchange (forex) losses.

The leading premium healthcare provider said it recorded a RM217.1 million exchange losses, with the translation of its non-Turkish Lira denominated borrowings by Acibadem Holdings during the quarter.
 
But these losses are accounting in nature and unrealised, it told Bursa Malaysia today.

Excluding that, the group’s latest quarterly profit after tax and minority interests was up 26% to RM222.7 over the same period last year, as a result of its robust earnings before interest, tax, depreciation and amortisation (EBITDA) growth, and a RM15.2 million reversal of over provision of tax.

Meanwhile, its revenue for the quarter under review came in 15.73% higher at RM2.06 billion, from RM1.78 billion a year ago.

The top line improvement was largely underpinned by organic growth at its existing hospitals and the ramping up of three newer hospitals, namely Acibadem Atakent Hospital in Turkey, and Pantai Hospital Manjung, and Gleneagles Kota Kinabalu in Malaysia.

“Continental Hospital in India contributed RM15.9 million of revenue, since the acquisition was successfully completed in March 2015,” IHH shared.

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