IHH net profit bounce back thanks to patient volume recovery 


KUALA LUMPUR: IHH Healthcare Bhd returned to profit in the three-month ended Sept 30, rebounding strongly from a weak second quarter.

The group said it is "optimistic of a progressive recovery," with patient volumes on the mend since June.

“The trust of our patients, combined with our efforts to capture new opportunities while keeping a tight control on costs enabled our earnings to return to profitability and even surpass Q3 2019," managing director and CEO Dr Kelvin Loh said in a statement today.

The company reported a net profit of RM310mil in the third quarter, up from RM236mil made a year ago.

Revenue fell to RM3.5bil from RM3.79bil previously.

Loh said the company has reduced its forex exposure by paring down debt in Acibadem and divested its stake in India’s Apollo Gleneagles Hospital.

"In Malaysia, the addition of Prince Court Medical Centre boosts our metro cluster strategy by giving us a strong core of quality hospitals right in the heart of Kuala Lumpur, all done while ensuring we continue to have ample liquidity and debt headroom," he said.

Loh said IHH has diversified earnings across 10 markets, giving it resilience as its key markets are at different phases of the pandemic, with some able to contribute more while in recovery, even as others experience a resurgence of COVID-19 with its appropriate movement restrictions.

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