IHH 3Q profit falls to RM252mil on exceptional items, financial reporting adjustments

IHH Healthcare managing director and chief executive officer Dr Kelvin Loh

KUALA LUMPUR: IHH Healthcare Bhd’s net profit fell to RM251.76 million in the third quarter ended Sept 30, 2022 (Q3 2022) from RM550.0 million a year earlier due to exceptional items, financial reporting adjustments and foreign exchange losses.

However, its revenue climbed up to RM4.60 billion from RM4.44 billion previously, the Malaysian-Singaporean private healthcare group said in a filing with Bursa Malaysia today.

Managing director and chief executive officer Dr Kelvin Loh said its "headline profits decreased by 54 per cent due to a high base in Q3 2021 that saw a recognition of higher deferred tax assets of RM248.2 million.”

"This was coupled with higher depreciation and amortisation due to MFRS 129-related adjustments and foreign exchange losses in Q3 2022,” he said in a statement in reference to the financial reporting standards.

The hospital operator said its revenue increased 3 per cent year-on-year as more local and foreign patients returned.

"The ramp-up of Gleneagles Hong Kong Hospital and contribution from General Hospital Acibadem Bel Medic and Ortopedia Hospital in Turkiye also played a part,” it added.

As the group moves into a post-COVID phase, it expects non-COVID business to grow with improvements in patient volume and bed occupancy rates.

"The group is confident of its long-term growth trajectory, underpinned by megatrends in healthcare as well as its operational resilience and strong financial position,” it added. - Bernama

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IHH Healthcare , hospital , Kelvin Loh , Gleneagles


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