Raffles Medical Group's profits climbed 16% to S$13.5m

It's the weakest quarter.

According to OCBC Investment Research, Raffles Medical Group (RMG) reported its 1Q13 results this morning which were within its expectations. Revenue rose 11.2% YoY to S$81.1m, while PATMI increased by  16.0% YoY to S$13.5m, such that topline and bottomline formed 23.3% and 22.2% of its FY13 forecasts, respectively.

Here's more:

This is unsurprising as 1Q is seasonally RMG’s weakest quarter and we had expected this trend to continue this year. RMG’s Hospital Services division was the main growth driver in 1Q13, with healthy revenue growth of 16.4% YoY.

This was attributed to higher patient acuity and the expansion of specialist services provided. Revenue growth for its Healthcare Services division came in at a more modest 4.0% YoY. We will provide more updates after the analyst briefing