Fortis Healthcare, a leading healthcare service providers with network
of 49 hospitals and a capacity of 8,000 beds, has posted strong
performance during the second quarter ended September 2010 with all the
network hospitals reported robust growth and sell of stake in Parkways
Holdings
Its consolidated income went up by 89.1 per cent to Rs.354.73 crore from Rs.187.58
crore in the same period of last year with significant revenue growth
by Fortis Noida, Fortis Mohali, Fortis Malar and Fortis Jaipur
hospitals. The network hospitals revenues stood at Rs.442 crore with growth of 66 per cent. This
continues to witness a healthy growth in international patient revenue,
which grew by 17 per cent to Rs.24.5
crore. Over 12,000 cardiac procedures were performed. Additionally, a
total of 1,432 join replacements and 58 renal transplants were carried
out across the network hospitals.
The consolidated net profit
jumped to Rs.74.78 crore from Rs.12.97 crore in the corresponding period of
last year. The net profit includes Rs.342.62
crore from sell of entire stake of 24.88 per cent in Parkways Holdings
Ltd. Further, the other expenditure includes Rs.174.30
crore incurred for legal and professional charges related to the
Parkway transaction.
Excluding exceptional items in respect of
Parkways Holdings in other income and other expenditure, Fortis clocked
an operational profit of Rs.59.40 crore as
against Rs.29.85 crore in the last
period, a growth of 99 per cent. Its interest cost went up to Rs.135.25 crore from Rs.7.76
crore. Fortis incurred a loss of Rs.99.14
crore before taxation and exceptional items as compared to a net profit
of Rs.10.33 crore in the similar quarter
of last year.
Fortis commissioned two new tertiary care
hospitals, strengthening its presence in two Metros, New Delhi and
Kolkata during the quarter under review. In addition, its Mulund
facility inaugurated its oncology block during September. The company
made its foray into Africa and UAE. A Heart Command Centre was set up
Medical Centre in Tanzania, Africa. In Dubai, Fortis is planning to set
up a paediatric interventional cardiac unit at RAK Hospital. The company
commissioned the construction work at its 200 bed hospital in Ludhiana
which is expected to be operational in FY12. Its Delhi hospital received
regulatory approval to participate in the clinical trials of new
coronary artery stents that get absorbed by the body.
Shivinder M
Singh, managing director, said, ' The last quarter has been very
exciting for us with increasing footholds in both Indian and overseas
markets. We remain committed to medical excellence and world-class
quality as we build on the recognition Fortis enjoys, as a trusted name
in healthcare.”
For the first half ended September 2010, Fortis
reported consolidated net sales of Rs.688.98
crore as against Rs.370.38 crore in the
corresponding period of last year, a growth of 86 per cent. Its net
profit went up sharply to Rs.80.47 crore
from Rs.20.52 core. The company incurred a
loss of Rs.188.83 crore before taxation
and exceptional items in respect of Parkway Holdings. The interest cost
for the first half went up to Rs.206.16
crore from Rs.18.17 crore and its
depreciation moved up to Rs.44.81 crore
from Rs.23.11 crore.