Fortis Healthcare posts consolidated global revenue at Rs.1,409 crore

August 14th, 2012 - 10:28 pm ICT by IANS  

New Delhi, Aug 14 (IANS) Fortis Healthcare Tuesday posted a consolidated global revenue at Rs.1,409 crore for the quarter ended June 30 against Rs.485 crore during the like period of the previous financial year.

The India business contributed 47.5 percent to the revenue and recorded a growth of 38 percent while international business contributed 52.5 percent and stood at Rs.741 crore.

“Our strong operating performance both in India and across international assets reflects the strength of our businesses and the growth potential across all our markets,” Vishal Bali, group chief executive officer (CEO) told reporters in a conference call.

“We have added management depth and bandwidth, expanded clinical acumen and strengthened each of our assets to deliver better performance,” he added.

During the quarter, India hospital business posted a 26 percent revenue growth to Rs.532 crore and expanded its EBITDA margin to 13.1 percent compared to 12.9 percent in the first quarter of 2012.

Fortis Healthcare also commissioned a key super speciality hospital in Singapore during this quarter.

According to the company, the Fortis Colorectal Hospital (FCH) which was formally inaugurated on July 31, 2012, and is the first and only one of its kind in South East Asia specializing in the treatment of colorectal diseases.

Fortis, however, posted a net loss of Rs.60 crore due to higher interest cost and adverse currency fluctuations.

The company also concluded its private equity investment transaction in SRL with NYLIM Jacob Ballas India Fund III LLC, Mauritius and International Finance Corporation (IFC) investing Rs.250 crore and Rs.120 crore, respectively, in the form of Compulsorily Convertible Preference Shares (CCPS).

The proceeds received at the end of the quarter have been primarily used for reducing the Company’s debt position.

The company also said that its flagship hospital in Gurgaon, the Fortis Memorial Research Institute (FMRI), will start functioning in early third quarter.

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