Raffles Medical net profit creeps up 0.1% to $15.5m

No thanks to softer demand from foreign patients.

Raffles Medical Group had weak results for the quarter ending in March, reporting a measly 0.1% growth in net profit to $15.5m.

This came as revenue fell 1.7% to $114.9m. According to OCBC Investment Research, Raffles registers its weakest performance every Q1. Its recent results were aggravated by the softer demand from foreign patients.

Here's more from OCBC:

Both the Healthcare and Hospital Services divisions saw their segment revenue decreased by 2% and 1.9%, respectively.

The group maintained its costs while it highlighted a lower wage credit received of S$0.7m vs. S$1.9m in 1Q16. Excluding this wage credit, operating profit would have grown 3.8%.