IHH returns to profit in Q1, recovery faces lockdown headwinds

KUALA LUMPUR: IHH Healthcare Bhd said the return of local patients to its hospitals, including higher demand for elective treatments, lifted the group's revenue in the first quarter ended March 31.

Turnover rebounded 11% to RM3.9bil from RM3.56bil a year ago.

The higher sales, coupled with the lack of huge impairments and forex losses that affected its results last year, propelled the group's return to the black with a net profit of RM375.6mil.

“Our strong performance in the quarter demonstrates our agility in responding to Covid-19. Adapting nimbly to undertake operational changes and new initiatives enabled us to return a 77% Y-o-Y growth in core earnings at this stage of our recovery," Managing Director and CEO Dr Kelvin Loh said in a press release today.

However, he cautioned that the resurgence of new cases in the group's key markets - India, Malaysia, Turkey and Singapore - showed that the fight is far from over.

The rising Covid-19 cases "across markets IHH operates in will present near-term headwinds, with some markets having tightened safety and movement control measures," Loh said.

In May, IHH Malaysia has set aside 13% of its hospital beds to Covid-19 patients, including for ICU patients., It has also designated Pantai Hospital Kuala Lumpur and Pantai Hospital Klang as vaccination centres.

In Singapore, the group is taking on additional Covid-19 related projects including operating three vaccination centres.

All of the group's hospitals in Turkey have started to administer vaccines to patients and staff, while in India the group had partnered with Bharat Biotech to administer vaccines across Gleneagles Global Hospitals in Bengaluru, Chennai and Hyderabad.

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