Raffles Med’s Q1 profits inch up 3.7% to $15.5m

On back of increased staff expenses.

Raffles Medical Group posted a marginally higher profit after tax and minority interests (PATMI) of $15.5m during the quarter, reflecting a slight growth of 3.7% YoY.

According to a report by OCBC, this is on back of higher costs from several fronts including staff costs.

Meanwhile, revenue surged 23% YoY to $116.9m during the quarter. This is largely thanks to a 36.3% and 15.2% increase in the healthcare and hospital services divisions respectively.

OCBC further reports that the pick-up in the two divisions’ revenue was driven by higher patient load, raised contribution from more specialist consultants as well as from International SOS (MC Holdings) and its subsidiaries (MCH).