Raffles Medical Group's net profit up by 0.7% to $16.2m

The group continues to record a healthy patient load.

Raffles Medical Group's net profit saw a measly growth of 0.7%, on the back of a slight increase in revenue to $120.1m.

According to the group, it managed to register growth in patient load despite the softer than expected demand from foreign patients.

The group's hospital services division recorded a revenue increase of 0.3% while the revenue of Healthcare Services division decreased marginally by 1.1%.

The revenue growth of the group was offset by higher staff costs and consumables used. The increase in staff costs was due mainly to the recruitment of more specialist consultants, management and clinical staff in preparation for the opening of Raffles Hospital Extension in the last quarter of this year.

"The continued strong operating cashflows generated from the Group’s business operations contributed to a healthy cash position of $112.4m as at 30 June. This was after accounting for distribution of final dividend of $5.5m and payment of $53.6m for investment properties under development," the group noted.