KUALA LUMPUR: IHH Healthcare Bhd posted a weaker first quarter results as patients due to impairments.
Revenue dropped 2% to RM3.56bil in the three-month ended March 31, while earnings before interest, tax, depreciation and amortisation (Ebitda) fell 10% to RM734mil.
The group's bottomline took a big hit from a RM400mil impairment charge on the remaining goodwill of RM400.5mil from an investment made into Global Hospitals in India, as well as a RM60mil forex loss related to Khubchandani Hospitals in India.
For the first quarter, IHH made a net loss of RM319.8mil.
“Like all businesses, we are impacted by the unprecedented global pandemic. Still, we delivered resilient operational performance in Q1 2020," managing director and CEO Dr Kevin Loh said in a statement today.
He said the group's headline profits were affected by a thorough portfolio review and impairments of non-Fortis India investments made in 2015 and earlier.
"Our focus is on maintaining prudent fiscal discipline, driving synergies and diversifying our income streams including with our global telemedicine rollout and enhanced diagnostics and lab capabilities," Loh said.
On its outlook, IHH said the Covid-19 pandemic continued to impact the group's operations.
"A prolonged fallout from subsequent waves of Covid-19 outbreaks and renewed lockdowns may further dampen the Group’s performance," it said.
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