Fortis Healthcare, a leading private healthcare provider with a network of 22 hospitals, has turned the corner during the second quarter ended September 2009 and recorded a net profit of Rs 10.06 crore as against a net loss of Rs 15.23 crore in the corresponding period of last year. EBDIT margins for the quarter stood at 18 per cent, up from 8 per cent in the last period.
Its income from operations increased to Rs 154.75 crore from Rs 121.04 crore, a growth of 27.9 per cent. The growth was led by Escorts Delhi and Amritsar. Many hospitals reported highest ever occupancies and revenues. Noida, Delhi, Amritsar and Jaipur hospitals reported phenomenal increase in EBIDTAs.
Commenting on the performance, Shivinder M Singh, CEO and managing director, said, "Our growth in occupancies and revenues with focus on efficiencies and cost control has led to better performance during the quarter and year to date. It is heartening to note that this has been accomplished across each of the hospitals in our network. We have built competencies to expand our network faster and at the same time, turning around the newly acquired hospitals to Fortis standards, swiftly."
For the first half ended September 2008, Fortis' net profit touched to Rs 10.99 crore as against a net loss of Rs 38.78 crore in the same period of last year. Its income increased to Rs 291.53 crore from Rs 247.82 crore.
The company incurred a net loss of Rs 55.48 crore during the full year ended March 2008 on a income of Rs 497.15 crore.