Raffles Med's profit down 20.3% to $68m in FY14

Due to a one-off gain in 2013.

Raffles Medical today reported that its net profit dropped to $68m in FY14, down 20.3% from $85.3m in 2013.

Excluding a one-off gain of S$20.4m from the disposal of a subsidiary in FY13 as well as adjustments in fair value of investment properties, the group attained a 6.5% increase in net profit to $65m.

Raffles Medical cautioned that competition in the healthcare sector is likely to remain keen with new hospitals being developed in Singapore and the region, while the more measured pace of economic growth in China and Singapore may have a dampening effect on healthcare demand.

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