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Fortis Healthcare net loss at Rs.55.25 cr in Q3

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Fortis Healthcare, a Rs.4,000 crore plus healthcare provider, has suffered setback during the third quarter ended December 2015 due to lower other income and exceptional losses. Its consolidated net loss increased to Rs.55.25 crore from Rs.22.28 crore in the corresponding period of last year. Its other income declined to Rs.12.67 crore from Rs.38.84 crore. The company provided Rs.15.66 crore for closure of certain laboratories by the subsidiary companies during the quarter and it also provided Rs.16.45 crore for statutory bonus which put pressure on bottom line. EPS worked out to fortisnegative Rs.1.19 as against negative Re. 0.48. The consolidated financial results include the interim financial results of 15 subsidiaries and one joint venture.

Its income from operations increased marginally by 1.6 per cent to Rs.1,028 crore from Rs.1,012 crore. Its Indian revenues increased by 6 per cent to Rs.1,029 crore from Rs.971 crore. However, its international revenue declined sharply to Rs.11.72 crore from Rs.53.91 crore. The group has primarily operates in Dubai and Mauritius.

For the nine months ended December 2015, Fortis’ income increased by 3.7 per cent to Rs.3,151 crore from Rs.3,039 crore in the same period of last year. Its earned a net profit of Rs.66.01 crore as against net loss of Rs.126.17 crore mainly due to exceptional gains of Rs.78 crore from divestment of holding in Radlink-Asia Pte Ltd, Singapore to Fullerton Healthcare Group Pte. Ltd. Its domestic income increased by 8 per cent to Rs.3,144 crore from Rs.2,912 crore. However, its international revenue declined sharply to Rs.43.81 crore from Rs.163.97 crore.

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