Raffles Medical's profits soar 61% to S$20.2m

All thanks to growth in services segments.

According to OCBC, Raffles Medical Group's (RMG) revenue rose 14.9% YoY and 5.5% QoQ to S$83.0m.

PATMI jumped 22.7% YoY and 61.0% QoQ to S$20.2m. For FY12, revenue of S$311.6m represented a 14.2% increase, and just 0.1% shy of forecast.

Reported PATMI rose 12.8% to S$56.8m.

Here's more from OCBC:

However, if we exclude the fair value gain in investment properties amounting to S$3.9m, we estimate that core PATMI rose 9.7% to S$52.9m, forming 99.3% of our earnings projection.

The improved performance was attributed to growth from its Hospital Services and Healthcare Services divisions, which both saw a double-digit jump in revenue (16.1% and 11.4% respectively).

The former was driven by higher patient loads, a wider range of medical specialties on offer and the recruitment of more specialist consultants.

A final dividend of 3.5 S cents/share was declared, bringing full-year DPS to 4.5 S cents and translates into FY12 yield of 1.4%. This is slightly higher than our 4 S cents/share forecast.