That is despite the increase in hiring.
Whilst Raffles Medical Group saw a drop in revenue for Q1, down 1.7% to $114.9m, it did manage its cost well, pushing net profit up 0.1% to $15.5m
According to UOB KayHian, the revenue decline was due to the 2.0% and 1.9% decline in the healthcare and hospital services divisions.
This did not drag down profits as Raffles managed its expenses well, the brokerage firm said, noting that the group's staff costs fell 1.0% YoY.
"We think this is commendable given the group's increase in hiring ahead of new capacity," UOB KayHian said.
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