Raffles Med's net profit grows by 1.2% to $15.6m

On back of sturdy hospital and healthcare services.

Raffles Medical Group is now reaping the fruits of its rejuvenated business operations, drawing stellar earnings for its hospital services and healthcare services divisions, which increased by 11.7% and 3.5% respectively.

According to a statement by Raffles Med, operating profit also increased by 2.0% to $18.5 million in Q3.

However, its hospital service division could have hit more marks if not for higher depreciation and operating lease expenses.

“This increase in cost was mainly due to new and expanded operations at RafflesHospital and the newly opened RafflesMedicalCentre Orchard (Shaw Centre),” Raffles Med said.

Meanwhile, Raffles Med remains in a healthy cash position of $89.5m after accounting for its investment of $54.4m in capex and deposit.