Foreign exchange losses pulled earnings down.
Health Management International (HMI) profits decrease by 5% YoY to $4.48m (RM13.79m) due to significant weakening of the Malaysian ringgit.
Despite the marginal decrease in profit, OCBC Research notes that HMI posted an overall healthy growth as revenue grew 6.9% YoY to $38.05m (RM117.1m) in 1Q2018 on the back of higher patient load and higher student headcount in the company’s education business.
Average inpatient and outpatient bill sizes both increased by 3.6% and 12.2% YoY to $2.5k (RM7.6k) and $70.5k (RM217k) respectively.
Last November, HMI announced the signing of an agreement adding Heliconia Capital Management as strategic shareholder with an $11m placement.
HMI owns a healthcare training centre in Singapore, two tertiary hospitals in Malaysia and representative offices in Indonesia, Malaysia and Singapore.
Do you know more about this story? Contact us anonymously through this link.