On a comparable basis, excluding the results of RafflesHospital Chongqing, the group’s net profit after tax would have grown by2.1 per cent instead of a decrease of 11.2 per cent, while earnings before interest, tax, depreciation and amortization would have been S$25.4 million, an increase of 9.3 per cent year on year, said the company.The group’s net debt position increased from S$10.5 million at the end of 2018 to S$14.2 million as at March 31.
Raffles Medical’s business operations continued to generate strong operating cashflows, contributing to a cash position of S$111.8 million as at March 31. This was after accounting for the S$26.5 million payment for fixed assets under development as well as capital expenditure in the first quarter. Based on the current economic conditions and barring unforeseen circumstances, Raffles Medical’s board expects the group to grow its revenue and remain profitable in 2019, notwithstanding the expected gestation loss for Raffles Hospital Chongqing.
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