Raffles Medical's profit up 0.4% to $71m in FY2018

The revenue of its Healthcare Services division grew 6% and boosted growth.

Raffles Medical Group's FY2018 profit grew 0.4% YoY to $71m from $70.8m in 2017 due to higher tax expense and additional depreciation arising from the recently completed Raffles Specialist Centre.

According to its financial statement, revenue went up by 2.4% YoY to $489.1m from $477.6m. Revenue for Healthcare Services division grew 6% whilst the revenue of Hospital Services division decreased marginally by 0.8%.

Revenue from the Hospital Services division in 2018 reduced marginally partly due to the refurbishment of the current inpatient facilities in 2018.

This was after accounting for the distribution of dividend of $15.6m, the payment of $101m for investment properties under development, as well as capital expenditure for business expansion in the year, Raffles Medical added.