17 November 2003

Raffles Medical Group (RMG) continues its strong 2003 performance.

The Group’s revenue grew by 12.6% to $25.6 million in 3rd quarter 2003, up from $22.7 million in 3rd quarter last year (2002).

Revenue generated for the 3rd quarter outperformed the last two quarters due to improved patient volumes at Raffles Hospital.

For the 9-month period ended 30 September 2003, revenue grew by 10.0% to $71.0 million, up from $64.5 million in the same period last year.

Net profit after tax also rose by 26.7% in 3rd quarter 2003 to $1.8 million, from $1.4 million in 3rd quarter 2002.

For the 9-month period ended 30 September 2003, the Group achieved net profit after tax of $5.4 million, a resounding growth of 89.4% over the same period last year.

The Government’s initiatives to promote Singapore as the region’s medical hub, as well as recent economic indicators pointing to a stronger economic recovery all augur well for the medical industry.

As such, the Directors remain optimistic that the Group will continue its growth into the 4th quarter and the coming year.

Said Dr Loo Choon Yong, Executive Chairman of Raffles Medical Group: "As Singapore positions itself as the region’s medical hub, with private hospitals in Singapore playing an increasingly important role, the year ahead promises to be an exciting one.

I believe Raffles Medical Group has what it take to face up to these new challenges and we look forward to serving our patients even better."