Raffles Medical's profit rises 0.4% to $71m in FY 2018

This was supported by the 6% revenue growth of the Healthcare Services division.

Raffles Medical Group saw 0.4% YoY profit growth to $71m in FY 2018 from $70.8m in 2017, attributed to higher tax expense, and additional depreciation arising from the recently completed Raffles Specialist Centre.

Revenues also went up by 2.4% YoY to $489.1m from $477.6m. Revenue for Healthcare Services division recorded a revenue increase of 6% whilst the revenue of Hospital Services division decreased marginally by 0.8%.

Revenue from the Hospital Services division in 2018 reduced marginally partly due to the refurbishment of the current inpatient facilities in 2018.

The continued strong operating cashflows generated from the Group’s business operations contributed to a healthy cash position of S$106.0 million. This was after accounting for the distribution of dividend of S$15.6 million and payment of S$101.0 million for investment properties under development as well as capital expenditure for business expansion in the year.