PETALING JAYA: IHH Healthcare Bhd has posted a turnaround for its first quarter ended March 31,2021, with net profit at RM375.62mil compared with a net loss of RM319.79mil in the same quarter a year ago on the absence of impairment losses that were recorded a year ago.
Revenue for the quarter also saw a corresponding rise to RM3.95bil from RM3.56bil in the same quarter a year ago.
Basic earnings per share for the quarter was at 4.04 sen.
Net assets per share, meanwhile, was unchanged at RM2.48 from the preceding financial year end.
“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% year-on-year growth in core earnings at this stage of our recovery, ” IHH managing director and CEO Dr Kelvin Loh (pic) said in a statement.
“We will remain adaptive to manage the challenges that will come from the tightening of the Covid-19 measures. As the resurgence of Covid-19 including in India, Malaysia, Turkey and Singapore has shown, this fight is far from over, ” he added.
IHH said its net income more than doubled on the back of strong earnings before interest, taxes, depreciation and amortisation (ebitda) growth, without the impairment for Global Hospitals in India and foreign currency translation losses for Khubchandani Hospitals in India that was factored in to the first quarter of 2020.
Its net operating income grew 77% on the stronger operating performance and higher share of profits from joint ventures and associates, it said.
While depreciation and amortisation expenses and net finance costs were also lower in the most recent quarter.
IHH said in its statement that the recent resurgence of Covid-19 cases where it operates in would present near-term headwinds, with some markets having tightened safety and movement control measures.
To mitigate this impact, IHH said it would employ various initiatives, including continuing to execute its targeted strategy for each market to ensure sustained earnings growth.