26 August 2003

Raffles Medical Group (RMG) continues its strong 2003 performance in a climate marred by SARS and economic uncertainty.

With most of Singapore's healthcare sector hit by the Severe Acute Respiratory Syndrome (SARS) outbreak during the months of March to June 2003, Raffles Medical Group responded swiftly with new products and services to serve the healthcare needs of its patients.

Raffles Health, the Group's new consumer health company, rolled out the SARS Protect range and the Raffles nutritional supplements.

With its responsiveness and ability to thrive under difficult conditions, Raffles Medical Group emerged with positive growth in both profits and revenue.

The Group's revenue grew by 8 per cent to $23.2 million in 2nd quarter 2003, up from $21.5 million in 2nd quarter last year.

For the half year ended 30 June 2003, revenue grew by 8.6 per cent to $45.4 million, up from $41.8 million in the same period last year.

Net profit also rose by 24.7 per cent in 2nd quarter 2003 to $1.6 million, from $1.2 million in 2nd quarter 2002.

For the half year ended 30 June 2003, the Group's net profit grew by 153.8 per cent to $3.6 million, up from $1.4 million during the first six months of last year.

Patient volume at Raffles Hospital has returned to its pre-SARS level.

With an improved economic climate, the Group has seen an increase in the number of local and foreign patients at Raffles Hospital.

Said Dr Loo Choon Yong, Executive Chairman of the Group: "With SARS now behind us, we should resume our fast growth track and expand our personalised services and quality medical care both in Singapore and within the region."

For clarification, please contact:

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