Malaysian healthcare operator IHH sees earnings plunge despite higher revenue

KUALA LUMPUR, May 29 (Xinhua) -- Malaysia-based IHH Healthcare reported lower earnings in the first quarter of 2024, despite higher revenue.

The firm said in a bourse filing on Wednesday that its net profit fell 44.77 percent year-on-year to 767.97 million ringgit (163.25 million U.S. dollars) in the first quarter.

The lower profit was primarily due to the high base in the first quarter of 2023, which recorded one-off gains from the sale of International Medical University.

Meanwhile, the group's revenue for the quarter rose 15.81 percent year- on-year to 5.96 billion ringgit.

The group is confident of its growth trajectory and aims to add close to 4,000 new beds in the next five years.

Overall, the group expects continued revenue growth fueled by healthcare megatrends, and will focus on driving profitability while maintaining prudent capital management and mitigating inflationary and interest rates pressures. (1 ringgit equals 0.21 U.S. dollars)

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