Raffles Medical Group’s profit falls 67.4% YoY top $12.4m in 3Q23

Year-to-date, the company’s profit has declined 25.6% YoY.

Raffles Medical Group posted a 67.4% YoY lower profit after tax of $12.4m in 3Q23.

The healthcare company’s revenue likewise declined in 3Q23, dropping 24.6% YoY to $161.6m.

In a bourse filing, Raffles Medical attributed the moderation in its financial performance to the “discontinuation of COVID-19 activities,” which affected the profitability of its Singapore operations.

Cost inflation likewise eroded the company’s margin.

In China, the company recorded increased patient visits.

“Although revenue has improved, our hospitals in Shanghai and Chongqing are still in the developmental phase and incurring gestational costs” said the company.

To achieve better operating efficiencies, the company commenced “right-sizing and rationalising” its China operations.