Raffles Med’s net profit up 2.9% to $15m in Q1

On back of higher patient load.

Raffles Medical today reported that its net profit grew 2.9% year-on-year to $14.98m in the first three months of the year, driven by increased patient load.

However, the higher revenue from increased patient load was offset by higher staff costs and depreciation expenses.

The higher increase in staff costs was due to the recruitment of more doctors, specialists, nurses and ancillary staff for new and expanded operations at RafflesHospital and upcoming new medical centres at Shaw Centre and Raffles Holland V, as well as additional bonus paid to nurses this quarter.

Raffles Med did not declare a dividend for the first quarter.

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