IHH Healthcare posts over 50% net income drop in Q3

Its net income stood at RM251.8m (S$77.16m).

IHH Healthcare reported its net income declined by 54% to RM251.8m (S$77.16m) in the third quarter of the year, linked to the high-base effect from the same quarter in 2021 amongst others. 

“Our headline profits decreased by 54% due to a high base in Q3 2021 that saw a recognition of higher deferred tax assets of RM248.2m (S$74.2m). This was coupled with higher depreciation and amortisation due to MFRS 129-related adjustments and foreign exchange losses in Q3 2022,” Kelvin Loh, Managing Director and CEO, IHH Healthcare, said.

“However, our core operating performance improved. Like-for-like, Net Operating Income for Q3 2022 improved 6% to RM374.2m (S$114.64m) and revenue was up 4% as we pivoted well out of the pandemic.”

Read more: IHH Healthcare's net income jumps 27% to $3.8m in Q2

The company’s revenue went up by 3% year-on-year to RM4.6b (S$1.4b) over the same period.

This was driven by the return of both local and foreign patients, IHH Healthcare noted as well as the ramp up of the Gleneagles Hong Kong Hospital and contribution from the General Hospital Acibadem Bel Medic and Ortopedia Hospital.