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8 November 2004
With its sight set firmly on the region and beyond, Raffles Medical Group continues its robust growth in 2004 with strong Q3 financial results.
Net profit after tax and minority interests surged 25.8% to $2.30 million in Q3 2004, as compared to $1.83 million in Q3 2003.
For the first nine months of 2004, the Group's net profit after tax and minority interests grew 28.7% from $5.39 million to $6.93 million, compared to the first nine months of 2003.
Hospital services account for the more significant part of the growth in Q3 2004, recording a revenue growth of 24.6% over the same period last year. Hospital admissions grew by 17.9% while outpatient services grew by 14.8% in the same period.
On 25 October 2004, the Group announced the proposed acquisition of up to 100% of the 240-bedded Island Hospital in Penang. This acquisition values the entire Island Hospital Sdn Bhd at RM110 million (S$48.2 million).
Said Dr Loo Choon Yong, Executive Chairman, Raffles Medical Group: "This acquisition will enable us to build a strong clinical relationship between our respective physician groups. There is also tremendous potential for marketing and promotional synergies, as well as cross referrals of clients and patients."
With 45 consultants specializing in various disciplines at Island Hospital, the physicians at RafflesMedicalGroup will soon be a 200-strong multidisciplinary group practice.
Added Dr Loo: "We are pleased to have made such a significant investment in Malaysia, and in Penang state as we have great confidence in their respective economies.
"As we expand, we want to bring the Raffles brand of quality healthcare to the region and beyond, and transform a homegrown practice into a powerhouse in healthcare services."
Island Hospital is expected to contribute significantly to the Group from its first year of acquisition. The Group will fund this acquisition principally from its internal resources. Subject to all relevant approvals, the acquisition is expected to be completed by Q2 next year.
The Directors are optimistic that the Group will continue to perform well for the rest of the year, with hospital services being the main driver of growth.
For clarification, please contact:
Liang Hwee Ting (Ms)
Corporate Communications Manager
Raffles Medical Group Ltd (Registration No. 198901967K)
Tel: 6311 1312 / 97628572
Email: liang_hweeting@rafflesmedical.com
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