KUALA LUMPUR: Hospital operator IHH Healthcare Bhd registered a net loss of RM120mil in the second quarter as patients postponed non-urgent treatments due to the Covid-19 pandemic, while the travel restrictions resulted in a drop in medical tourism income.
"We saw the worst impact in April and May," Managing Director and CEO Dr Kelvin Loh said in a statement today.
"As countries began to re-open in June, we have seen a strong rebound in local patient volumes and were net profit positive for that month," he added.
Loh said the group, which operates hospitals in Malaysia, Singapore, Turkey, India and China, has seen progressive recovery in occupancy across July and August.
"In parallel, IHH will continue to support governments in the fight against COVID-19, while keeping our people and patients safe and managing our revenue, costs and cashflow vigilantly," he said.
The losses in the second quarter expanded its year-to-date deficit to a net loss of RM440mil.
To keep cost down, the group said it is deferring non-critical purchases and capital expansion projects.
This includes projects such as Parkway Shanghai and Pantai Ayer Keroh hospitals.
About 30% of group’s annual capital expenditure has been deferred to after 2020.
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