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State-controlled Lanka Hospitals Corporation PLC saw its net profit for the June quarter (2Q15) increasing to Rs.371.3 million from Rs.211.5 million reported in the corresponding quarter of the previous year.
The earnings per share improved to Rs.1.66 from 95 cents. The hospital group also announced a 50 cent dividend. Lanka Hospitals share (LHCL) rose 7.8 percent or Rs.3.80 during yesterday’s trading and closed at Rs.52.10. The revenue for the quarter rose to Rs.2.64 billion in comparison with Rs.2.2 billion in the same quarter of the previous year.
The gross profit amounted to Rs.1.53 billion up from Rs.1.26 billion, despite higher yoy cost of services. The group incurred other operating expenses of Rs.376.3 million for the quarter under review, slightly down from Rs.386.4 million in the previous year. For the 6 months ended June 30 ,2015 (1H15), the hospital group recorded a net profit of Rs.371.4 million, against Rs.211.5 million in the same period of the previous year. Group Chairman Dr. Sarath Paranavitane said he foresees numerous challenges in maintaining the leadership position Lanka Hospitals currently enjoys in the private healthcare sector in Sri Lanka.
However, he said the director board and the management are confident of their abilities to attain the next level of growth and continue to lead the private healthcare sector in Sri Lanka. The state holds over 54 percent of Lanka Hospitals through state-owned Sri Lanka Insurance Corporation. India’s Fortis group, through its subsidiary Fortis Global Healthcare Holdings Pte. Ltd., holds 28.66 percent.
Courtesy: Daily Mirror 7 August 2015
