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KUALA LUMPUR: IHH Healthcare Bhd net profit for the second quarter ended June 30 jumped by a whopping 426% to RM403.5mil on revenue of RM2.7bil that reflected an increase of 231% year-on-year.

For the first half-year, net profit for Asia’s biggest healthcare services provider rose 195% to RM527.4mil from a year ago. Revenue climbed by 137% to RM3.97bil year-on-year.

IHH said the sterling performance was driven by consolidation of Acibadem Holdings from Jan 24, one-time profit from the sale of Mount Elizabeth Novena medical suites and fair valuation gain on Mount Elizabeth Novena’s investment properties held for rental, improved performance of its existing operations as well as greater demand for quality healthcare services in Asia.

Basic earnings per share for the first six months rose to 8.63 sen from 4.97 sen a year ago.

Excluding the sale of medical suites, IHH earnings before interest, tax, depreciation and amortisation (EBITDA) for the first half-year rose 74% year-on-year to RM581.4mil, while profit after tax and minority interests grew 35% to RM250.3mil.

Managing director Dr Lim Cheok Peng said the group’s first financial report post-listing reflected the real and growing demand for quality healthcare that IHH subsidiaries provided.

“We are seeing growth across the board in in-patient admissions, more complex medical cases undertaken by our hospitals and rising student enrolment in our education programmes.

“We remain fully committed to leveraging on our scale and leading market positions to capture further opportunities and expand our presence in our home markets,” he said at a briefing.

According to IHH, while the consolidation of Acibadem and the recognition of profits from the sale of 216 medical suites at Parkway Pantai’s Mount Elizabeth Novena Specialist Centre helped boost the results, improved performance in the group’s existing operations also contributed to the outstanding revenue and EBITDA growth.

The strong growth was driven by higher in-patient admissions at Parkway Pantai’s hospitals in both Malaysia and Singapore, as demand for quality healthcare services in the region continued to grow and there were more local and foreign patients seeking treatment.

In addition, revenue intensities at Parkway Pantai hospitals increased to about RM19,467 and RM4,520 per in-patient admission in Singapore and Malaysia respectively, up from RM18,297 and RM4,131 respectively in the first half of 2011.

The Star

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