Fortis Healthcare Ltd., one of India's leading chain of private hospitals, swings to profit, on consolidated basis, for the fourth-quarter on increased revenues, driven by significant growth across all the hospitals. On a standalone basis, the company reported net loss for the quarter.
Consolidated Results
The New Delhi-based company posted fourth-quarter consolidated net profit of Rs.4.78 crore or Re.0.21 per share, compared with a net loss of Rs.9.89 crore or Re.0.44 per share in the fourth-quarter of 2008.
The company's quarterly net revenue was Rs.170.08 crore, up 31% from Rs.130.16 crore in the year-ago quarter, while other operating income totaled Rs.2.67 crore, compared with Rs.2.69 crore for the same period last year.
The company during the quarter acquired 28.89% stake in Medical and Surgical Centre Ltd. (MSCL), Mauritius, marking its first international foray. Subsequently, the 120 bedded hospital owned by MSCL was renamed as Fortis Clinique Darn'e.
Fortis Healthcare also became a majority stake holder in Lalitha Healthcare Pvt. Ltd. (LHPL), Bengaluru, consequent to conversion of preference capital and fresh infusion of equity capital. The company presently holds 67.23% of shares of LHPL and the hospital owned by LHPL has been renamed as Fortis Hospital, Seshadripuram.
For the fiscal year, Fortis Healthcare's consolidated net profit amounted to Rs.20.82 crore, compared with a net loss of Rs.55.48 crore in 2008. Total revenue, including other operating income, grew 24% to Rs.630.69 crore from Rs.507.10 crore in the previous year.
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posted by srikanth...july 3
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