27 May 2003

Raffles Medical Group (RMG) continued its strong 2002 performance with a set of stellar results in 1st quarter 2003. All the financial indicators grew significantly, with net profit after tax increasing 12 times over 1st quarter 2002.

The Group's revenue grew by 9.3% from $20.3m in 1st quarter 2002 to $22.2m in 1st quarter 2003. Raffles Hospital continued to post strong revenue growth of 17.3% over the corresponding period last year.

Operating profits increased 579%, and this is mainly attributable to strong improvements in operations of Raffles Hospital and Hong Kong.

The RMG clinic network continued to maintain their workload during this period as a result of new activities such as SARS screening.

The Group's launch of Raffles Health, a new personal health business unit was timely, with its SARS Protect range of products and Raffles brand nutriceuticals meeting with enthusiastic response from corporate clients, patients and retailers.

Dr Loo Choon Yong, Executive Chairman of RMG attributed the strong performance of the company to the commitment and dedication of the doctors and staff. He added that "in spite of the SARS outbreak, we remain optimistic about the Group's prospects for the rest of the year."

For clarification, please contact:

Liang Hwee Ting (Ms)
Corporate Communications Manager
DID: 6311 1312

Raffles Medical Group (RMG) is one of Singapore's leading private healthcare organisations. A fully integrated healthcare provider, RMG offers our patients seamless healthcare from primary GP services at its network of clinics to tertiary specialist services at Raffles Hospital.

Raffles Hospital, the flagship hospital of RMG, is a 380-bedded tertiary private hospital offering a range of specialist services backed by advanced medical technology. With its unique group practice model, specialists work as a team to provide comprehensive care to patients in Singapore and the region.

Raffles Health, a subsidiary of RMG, develops and markets quality healthcare products. Take charge of your personal health with our range of safe dietary supplements, home care diagnostic equipment and OTC medications.