Management said the group achieved solid operating performance in the first quarter and maintained its leading position in the healthcare field. Calculated at a fixed exchange rate, earnings before revenue and interest and taxes increased by 17% and 8% respectively. The Group is still expected to achieve the goal of increasing the total number of beds by 4,000. In addition, the Group has launched a multi-year transformation plan focusing on seven areas, aiming to accelerate growth and ensure that the business is future-proof.
IHH Healthcare released its first-quarter results for the end of March after the market closed on Thursday (May 29), showing that the group's first-quarter revenue and interest-tax profit-making (EBITDA) increased by 6% and fell by 2% year-on-year to RM6.3 billion and RM1.3 billion, respectively.
On the Singapore Exchange main board, IHH Healthcare's share price remained flat at $2.09 on Thursday.
In terms of business outlook, the group expects revenue to continue to grow driven by the general trend of health care. The Group will also focus on improving profitability and maintaining a good return on equity while maintaining prudent capital management and alleviating inflation and interest rate pressures.
IHH Healthcare Group's net profit fell 33% year-on-year to RM514 million (S$157 million), mainly due to the impact of special accounts, namely, the year-on-year decrease in net monetary income and the deferred tax credit for certain Turkish assets in the same period a year ago. If special accounts are not included, net profit in the first quarter rose by 5% year-on-year to RM425 million.