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13 August 2004
Raffles Medical Group continues its strong 2004 performance, boosted by increased hospital admissions and strong outpatient numbers.
The Group’s revenue grew by 9% to $25.3 million in Q2 2004, up from $23.2 million in Q2 2003. For the first half of 2004, revenue grew 10.5%, from $45.4 million in first half 2003 to $50.2 million in first half 2004.
Hospital services account for the bulk of the growth in Q2 2004, recording a revenue growth of 36.0% over the same period last year.
Net profit after tax and minority interest increased 57.4% to $2.4 million in Q2 2004, as compared to $1.6 million in Q2 2003. For the first six months of 2004, net profit after tax and minority interest grew 30.2% over the first six months of 2003.
Singapore’s ascendancy as a regional medical hub, as well as stepped up international marketing efforts, have culminated in more regional patients seeking treatment at Raffles Hospital. Admissions at Raffles Hospital grew by 17.1% in Q2 2004 compared to the same period last year.
Outpatient services at Raffles Hospital also grew by 43.0%, thanks to efforts to provide affordable healthcare to both local and international patients.
With the buoyant economy in Singapore and the region, it is expected that hospital services will continue to drive the growth of the Group into the second half of 2004.
The Group has also expanded its healthcare services, with mass healthscreening now provided to corporations. This initiative has compensated for the cessation of SARS screening.
Said Dr Loo Choon Yong, Executive Chairman of Raffles Medical Group:
"We are living in exciting times, fuelled by good news of the quickest economic growth in a decade.
With Singapore emerging as the medical hub for the region, Raffles Medical Group is poised to play a bigger role in the regional healthcare scene."
Added Dr Loo: "Raffles is now a homegrown brandname synonymous with quality, trust and excellence. We would like to bring our unique brand of integrated team-based care, coupled with warmth and Asian hospitality, to all patients in Singapore and beyond."
The Directors are optimistic that the Group will continue to grow and perform well for the rest of the year.
For clarification, please contact:
Liang Hwee Ting (Ms)
Corporate Communications Manager
Tel: 6311 1312 / 97628572
Email: liang_hweeting@rafflesmedical.com
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