- Raffles Medical (SGX:BSL)'s 3Q23 profit after tax (PAT) declined 67.4% y-o-y to S$12.4m, which was lower than the $13.6m in 3Q19 (pre-COVID-19).
Only revenue and PAT disclosed for 3Q23
- - Read this at SGinvestors.io -
- Raffles Medical's management cited incremental gestational losses at its Shanghai hospital that only had started operations in Jul 2021 as the key reason for the subdued 3Q23 PAT vs 3Q19, while the drastic decline in PAT y-o-y from S$38.0m was underscored by the reduction in COVID-19 related revenues and higher-than-expected insurance claims at its health insurance arm Raffles Health Insurance (RHI) in 3Q23.
Reduced COVID-19 related activities drove lower profitability in Singapore
- - Read this at SGinvestors.io -
- Today, Raffles Medical no longer operates any joint vaccination and testing centres (JVTCs), and its transitional care facility (TCF) at the Changi Expo is providing stepped down care, likely less profitable vs when the facility was receiving COVID patients.
Rationalising operations in China
- Read more at SGinvestors.io.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
TAY Wee Kuang CGS-CIMB Research | https://www.cgs-cimb.com 2023-11-07
Previous report by CGS-CIMB:
2023-08-01 Raffles Medical - Likely A New Net Profit Run-Rate.
Price targets by 5 other brokers at Raffles Medical Target Prices.
Listing of research reports at Raffles Medical Analyst Reports.
Relevant links:
Raffles Medical Share Price History,
Raffles Medical Announcements,
Raffles Medical Dividends & Corporate Actions,
Raffles Medical News Articles
