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NewsIHH's 3Q net profit falls 19.34% on unrealised forex losses
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IHH's 3Q net profit falls 19.34% on unrealised forex losses
by Cals Thu 26 Nov 2015, 19:47
IHH's 3Q net profit falls 19.34% on unrealised forex losses
By Gho Chee Yuan / theedgemarkets.com | November 26, 2015 : 6:25 PM MYTKUALA LUMPUR (Nov 26): [size=16]IHH Healthcare Bhd ([You must be registered and logged in to see this image.] Valuation: 0.50, Fundamental: 1.65)’s net profit dropped 19.34% in its third quarter ended Sept 30, 2015 (3QFY15) to RM118.49 million or 1.44 sen per share, from RM146.91 million or 1.8 sen per share in the same period last year, due to unrealised foreign exchange (forex) losses.
The leading premium healthcare provider said it recorded a RM217.1 million exchange losses, with the translation of its non-Turkish Lira denominated borrowings by Acibadem Holdings during the quarter.
But these losses are accounting in nature and unrealised, it told Bursa Malaysia today.
Excluding that, the group’s latest quarterly profit after tax and minority interests was up 26% to RM222.7 over the same period last year, as a result of its robust earnings before interest, tax, depreciation and amortisation (EBITDA) growth, and a RM15.2 million reversal of over provision of tax.
Meanwhile, its revenue for the quarter under review came in 15.73% higher at RM2.06 billion, from RM1.78 billion a year ago.
The top line improvement was largely underpinned by organic growth at its existing hospitals and the ramping up of three newer hospitals, namely Acibadem Atakent Hospital in Turkey, and Pantai Hospital Manjung, and Gleneagles Kota Kinabalu in Malaysia.
“Continental Hospital in India contributed RM15.9 million of revenue, since the acquisition was successfully completed in March 2015,” IHH shared.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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